Hong Kong-based RedotPay, which offers physical and virtual cards for crypto transactions, has been in deliberations and regulatory troubles for months, according to the report, which cited unnamed sources. It is also still in discussions with investors about a possible pre-IPO funding round that would place its valuation at between $4 billion and $5 billion.
RedotPay’s crypto-related services are aimed at people who want to use their digital assets for real-world purchases like paying bills, with much of its business concentrated on stablecoins, the report said.
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The company has over 9 million customers and 280 employees worldwide, and its annualized run-rate revenue, which hit $100 million within 18 months of launching in 2023, has since surpassed $180 million, according to the report.
RedotPay’s revenue for the first three quarters of 2026 rose more than 50% over the same period last year, and its operating profit margin climbed to more than 50%, the report said.
In February, RedotPay was weighing a U.S. IPO that could raise more than $1 billion, PYMNTS reported, citing Bloomberg.
Meanwhile, the PYMNTS Intelligence report “From Asset to Everyday Money: Making Digital Currencies Spendable” found in July that although consumers are interested in using cryptocurrencies and stablecoins for purchases, issues involving acceptance, trust and uneven payment experiences have left them with limited choices.
Linked cards, instant conversion and modern issuer-processing systems can connect digital assets to the payment tools already being used by consumers and merchants.
More than three-quarters of consumers would open a crypto or stablecoin wallet if they could go through an existing banking or FinTech app.
“That figure suggests banks and FinTechs don’t need to persuade customers to enter an unfamiliar financial world,” PYMNTS reported Aug. 23. “They can add digital asset capabilities to relationships that already carry trust. For providers, the opportunity lies in making access feel like an extension of mobile banking rather than a separate crypto exercise.”
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