RedotPay has teamed up with Ripple to launch “Send Crypto, Receive NGN,” a new feature that allows users to convert digital assets into Nigerian Naira and receive funds into local bank accounts within minutes.
The service is built on top of Ripple Payments and supports a basket of major currencies at launch, including USDC (US dollars), usdt(USDT), Bitcoin (Bitcoin), ether (Ethereum), Solana (Sol), you can see (TRX), Ripple (XRP) and BNB (BNB Bank), with the ripple of the US dollar (RLUSD) Expected to be added later, Ripple He said In Tuesday’s announcement.
“RedotPay is building stablecoin-based payments that make digital assets as easy to use as native currency, where users can securely send XRP or stablecoins and receive NGN within minutes,” said Michael Zhao, CEO of RedotPay.
Verified RedotPay users with local bank accounts can send supported cryptocurrencies and receive NGN directly into their bank accounts within minutes, the company said.
Related to: Nigerian fintech company plans African stablecoin payment system with Polygon: Report
Cryptocurrency’s troubled past in Nigeria
Nigeria ranks among the most active countries in the world in terms of use and interest in research, ranking sixth in Chainalysis’ analysis. Global Adoption Index 2025.
However, regulators have taken a tougher stance since last year. The Nigerian Securities and Exchange Commission (SEC) will overhaul its cryptocurrency regulations in December 2024, Tightening laws related to the marketing of cryptocurrencies And advertising.
Earlier this year, the country too An $81.5 billion lawsuit was filed against Binance, alleging that the exchange caused the collapse of Nigeria’s local currency, the naira, and said Binance owed $2 billion in back taxes.
Despite these controversies, Nigerian Information Minister Muhammad Idris said in March that several cryptocurrency companies Working inside the country They do not face any lawsuit or criminal prosecution.
In July, the Director-General of the Nigerian Securities and Exchange Commission, Emomotemi Agama, also announced that The country was open For stable companies that comply with local regulations.
Related to: Countries across Africa are agreeing to new laws for cryptocurrencies as adoption grows
RedotPay claims unicorn status
In September, RedotPay said it had joined… Ranks of fintech unicorns After obtaining a strategic investment round worth $47 million. The raise saw participation from Coinbase Ventures, with continued support from Galaxy Ventures and Vertex Ventures, and backing from a global technology entrepreneur whose identity was not disclosed.
Meanwhile, Ripple is expanding its payment services. Last week the company I got approval from The Central Bank of Singapore intends to expand payment activities in the region. Previously, the company’s stablecoin was RLUSD It has been approved for institutional use In Abu Dhabi.
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