According to The Fintech Times, stablecoin payment company RedotPay has announced a partnership with Ripple to launch the "Send Crypto, Receive NGN" feature, which supports instant conversion and settlement of crypto assets such as USDT, USDC, XRP, BTC, and ETH into Nigerian Naira, with funds deposited directly into local banks. This significantly shortens cross-border payment settlement times to just a few minutes. In 2024, Nigeria's cross-border remittance volume is about $21 billion, with annual stablecoin transaction volume nearing $59 billion, indicating that crypto is more utility-oriented locally. In May this year, RedotPay announced the completion of a $47 million strategic financing round, with participation from Coinbase Ventures.
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According to The Fintech Times, stablecoin payment company RedotPay has announced a partnership with Ripple to launch the "Send Crypto, Receive NGN" feature, which supports instant conversion and settlement of crypto assets such as USDT, USDC, XRP, BTC, and ETH into Nigerian Naira, with funds deposited directly into local banks. This significantly shortens cross-border payment settlement times to just a few minutes. In 2024, Nigeria's cross-border remittance volume is about $21 billion, with annual stablecoin transaction volume nearing $59 billion, indicating that crypto is more utility-oriented locally. In May this year, RedotPay announced the completion of a $47 million strategic financing round, with participation from Coinbase Ventures.