Executive turnover clouds crypto payments firm RedotPay's $4 billion U.S. IPO ambitions
Crypto payments firm RedotPay faces executive turnover and internal strain amid its pursuit of a $4 billion U.S. IPO.Summary
Hong Kong-based stablecoin payments startup RedotPay is experiencing internal strain, including high executive turnover with at least five senior hires leaving in the past year, as it pursues a U.S. Initial Public Offering (IPO) that could value the company over $4 billion. The company is currently seeking up to $150 million in new funding, despite having recently raised over $150 million in late 2023, and is proceeding with IPO plans without a Chief Financial Officer. Reports also suggest staff are frequently required to work long hours. Despite these internal issues, RedotPay has seen rapid growth, with annualized payment volume exceeding $10 billion in December and revenue doubling to $158 million, serving over 6 million users globally with its stablecoin-linked Visa card product.
(Source：CoinDesk)