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>>Redotpay, supported by Coinbase, introduces a new program in Mexico allowing users to send cryptocurrency and receive payments in Mexican pesos.

Redotpay, supported by Coinbase, introduces a new program in Mexico allowing users to send cryptocurrency and receive payments in Mexican pesos.

crypthub

2 days ago

RedotPay Expands Payment Solutions

RedotPay has announced an expansion of its integration with the Circle Payments Network (CPN), focusing on enhanced payment solutions. The platform is introducing a new cross-border feature specifically targeting the Mexican market. This expansion is driven by a vision to improve global financial inclusion by providing easier access to digital assets.

New "Send Crypto, Receive MXN" Feature

The new feature, "Send Crypto, Receive MXN," facilitates near-instant and low-cost payments to Mexico. Users can now convert digital assets into Mexican pesos, offering a cheaper alternative to traditional money transfer methods. The service aims to address high fees and lengthy settlement times currently experienced in the industry.

Benefits and Market Positioning

This feature significantly reduces transaction fees, targeting approximately 1% compared to the average 6.5% industry rate. It supports freelancers and entrepreneurs by enabling quick fiat-to-digital asset conversion. Mexico’s growing position as a global payment hub further emphasizes the timing and relevance of this launch.

Investment and Future Expansion

RedotPay recently secured $40 million in Series A funding and received a strategic investment of $47 million from Coinbase. These investments will fuel the expansion of the platform’s technology to additional markets. The company aims to overcome challenges of converting assets seamlessly for users across Latin America.