RedotPay partners with Ripple to launch 'virtual assets → naira (NGN)' instant settlement service

Doohyun Hwang

Summary

RedotPay has partnered with Ripple and launched a service that instantly settles virtual assets into the Nigerian naira (NGN).
Through this collaboration, RedotPay will integrate Ripple Payments to introduce a feature that deposits various virtual assets into local bank accounts within minutes.
RedotPay's co-founder said that low-cost NGN payouts and the adoption of Ripple Payments will accelerate global expansion.

Stablecoin-based global payments fintech RedotPay has entered a partnership with Ripple and is launching a feature that instantly settles virtual assets (cryptocurrencies) into Nigeria's naira (NGN).

On the 2nd (local time), Ripple said, "Through this collaboration RedotPay will integrate Ripple's enterprise cross-border payments solution 'Ripple Payments,'" and added, "We have officially introduced the 'Send Crypto, Receive NGN' feature, which allows verified users who transfer virtual assets such as XRP to receive NGN into local bank accounts within minutes."

According to Ripple, current global remittance fees average 6.49% and it takes 1~5 business days for payments to be completed. In contrast, this feature implements transparent pricing and settlement within minutes by leveraging blockchain-based speed and infrastructure. Supported assets include USDC·USDT·Bitcoin(BTC)·Ethereum(ETH)·Solana(SOL)·Tron(TRX)·XRP, and Ripple's stablecoin RLUSD will be included in the future.

Jack Cullinane, Head of Commercial, Asia Pacific at Ripple, said, "The partnership with RedotPay demonstrates the real utility of Ripple's payments solution in solving the structural inefficiencies of cross-border remittances."

Michael Gao, co-founder and CEO of RedotPay, said, "Low-cost NGN payments processed almost instantly are a meaningful milestone," and "The adoption of Ripple Payments will accelerate global expansion."

XRP