RedotPay taps Ripple to roll out Nigerian naira crypto cashouts
RedotPay partnered with Ripple to launch a feature allowing users to convert crypto into Nigerian naira and receive local bank deposits quickly.Summary
RedotPay has collaborated with Ripple to introduce "Send Crypto, Receive NGN," a new service enabling users to convert major cryptocurrencies like USDC, BTC, and ETH into Nigerian naira (NGN) and deposit them into local bank accounts within minutes. The service utilizes Ripple Payments and currently supports several tokens, with Ripple USD (RLUSD) planned for later addition. RedotPay's CEO, Michael Gao, emphasized the feature's goal of making digital assets as easy to use as local currency. This development occurs against a backdrop of regulatory scrutiny in Nigeria, which has tightened crypto regulations while simultaneously signaling openness to compliant stablecoin businesses. RedotPay recently achieved unicorn status after securing $47 million in investment, while Ripple continues to expand its payment services globally.
(Source：Cointelegraph)