KEY FACTS: RedotPay, a Hong Kong-based cryptocurrency payment platform, has launched its crypto-based credit card services in South Korea, The move follows a $40 million Series A funding round and leverages partnerships with Visa and Mastercard to enable seamless spending of digital assets like Bitcoin and stablecoins at millions of merchants. With over 3 million global users and a focus on regulatory compliance, RedotPay aims to disrupt South Korea’s payment landscape, where 30% of the population holds crypto exchange accounts.

---

Source: RedotPay

---

RedotPay Expands Crypto Payment Solutions to South Korea

RedotPay, a Hong Kong-based cryptocurrency payment platform, has made a significant stride in its global expansion strategy by entering the South Korean market with its innovative crypto-based credit card services. The announcement, made on May 9, 2025, is evidence of the growing acceptance of digital assets in everyday transactions and highlights South Korea’s role as a hub for cryptocurrency adoption in Asia. With a $40 million Series A funding round recently secured, RedotPay is poised to disrupt the Korean payment market, leveraging its proprietary technology and strategic partnerships to offer seamless crypto payment solutions to millions of users.

RedotPay, known for enabling users to spend cryptocurrencies as easily as fiat currency, has already amassed over 3 million registered users globally. South Korea, with its tech-savvy population and high cryptocurrency adoption rate, presents a fertile ground for RedotPay’s ambitions. According to recent data, over 16 million South Koreans, approximately 30% of the population, hold crypto exchange accounts, a figure that surpasses the number of individual stock market investors in the country.

The company’s crypto-based credit card services, launched in partnership with global payment giants Visa and Mastercard, allow users to spend their digital assets at millions of merchants worldwide. These cards, which include both physical and virtual options, support real-time conversion of cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and stablecoins such as USDC and USDT into fiat currency at the point of sale. This technology bridges the gap between the digital asset ecosystem and traditional commerce, offering users a convenient and secure way to utilize their crypto holdings for everyday purchases.

RedotPay’s expansion into South Korea comes on the heels of a successful $40 million Series A funding round closed in March 2025. Led by Lightspeed, with participation from HSG and Galaxy Ventures, the funding has provided the company with the resources to accelerate its product roadmap, enhance user experience, and strengthen its regulatory compliance frameworks. The capital injection also supports RedotPay’s efforts to expand its licensing footprint across multiple jurisdictions, ensuring that its services adhere to local regulations.

Michael Gao, RedotPay’s co-founder and CEO, emphasized the transformative potential of the company’s offerings. The funding will enable RedotPay to refine its proprietary real-time conversion technology, which ensures that crypto transactions are as seamless as traditional card payments, while also boosting security measures to protect user data and funds.

RedotPay’s ability to deliver cutting-edge payment solutions is underpinned by strategic collaborations with industry leaders. In November 2023, the company launched physical Visa cards that support ATM cash withdrawals, alongside virtual cards compatible with digital payment platforms like Apple Pay and Google Pay. More recently, RedotPay partnered with Visa and StraitsX to launch an innovative card program in Singapore, which has served as a blueprint for its South Korean expansion. These partnerships leverage Visa’s extensive global payment network and StraitsX’s expertise in digital asset infrastructure to create a robust ecosystem for crypto spending.

In South Korea, RedotPay’s cards are expected to integrate with local payment methods, such as KakaoPay, PAYCO, and Naver Pay, to cater to the preferences of Korean consumers. This localization strategy is crucial in a market where mobile payment apps dominate everyday transactions. RedotPay aims to capture a significant share of the country’s growing crypto payment market by aligning with South Korea’s digital payment infrastructure.

South Korea’s cryptocurrency market is one of the most dynamic in the world, but it is also subject to rigorous regulatory scrutiny. The Financial Services Commission (FSC) has implemented measures to combat money laundering and ensure investor protection, including blocking unregistered crypto exchanges on platforms like Google Play and the Apple Store. In March and April 2025, the FSC ordered both platforms to restrict access to non-compliant exchanges, signaling a crackdown on unregulated operators.

RedotPay’s commitment to regulatory compliance positions it well to navigate this complex environment. The company has prioritized obtaining licenses and adhering to local regulations, a strategy that has proven effective in other jurisdictions. For instance, RedotPay’s recent acquisition of an Electronic Financial Business registration in South Korea, following a similar move by Alchemy Pay, enables it to offer a wide range of financial services, including money transfers and digital asset transactions.

Moreover, South Korea’s evolving regulatory framework appears increasingly supportive of cryptocurrency innovation. In May 2025, Democratic Party leader and presidential candidate Lee Jae-myung pledged to approve spot crypto exchange-traded funds (ETFs) and implement other crypto-friendly policies if elected. The ruling People Power Party has also proposed measures to dismantle restrictive regulations, such as the one-exchange-one-bank rule, and establish a framework for stablecoins. These developments suggest that South Korea is moving toward a more permissive environment for crypto businesses, which could benefit companies like RedotPay.

Challenges and Opportunities
Despite its promising outlook, RedotPay faces challenges in scaling its operations in South Korea and beyond. Cross-border service restrictions have been a hurdle, with users outside Hong Kong occasionally encountering warnings when accessing the company’s website. These restrictions may complicate RedotPay’s efforts to serve South Korean users seamlessly, particularly those traveling or residing abroad.

Additionally, the South Korean crypto market has experienced turbulence, including high-profile hacks attributed to North Korean groups like Lazarus, which targeted exchanges such as Upbit in 2024. The establishment of the Virtual Asset Crime Joint Investigation Division by South Korean prosecutors underscores the government’s focus on combating crypto-related crime, which could increase compliance costs for companies like RedotPay.

Nevertheless, the opportunities in South Korea are substantial. The country’s high smartphone penetration, advanced digital infrastructure, and widespread interest in cryptocurrencies create an ideal environment for RedotPay’s services. Industry officials speculate that the number of crypto users in South Korea could reach 20 million by the end of 2025, driven by global trends and domestic policy shifts.

RedotPay’s foray into South Korea will help the company simplify blockchain transactions and integrate crypto into everyday commerce, to empower users who have been underserved by traditional financial systems. Stablecoins, which RedotPay supports, are increasingly seen as a tool for modernizing international payments, reducing costs, and expanding financial access. The company’s success in South Korea could serve as a model for further expansion into other Asian markets, such as Japan, where regulators are also exploring crypto-friendly policies.

---

---

Information Sources:

• Kedglobal
• Cointelegraph

---

---

If you found the article interesting or helpful, please hit the upvote button and share for visibility to other hive friends to see. More importantly, drop a comment below. Thank you!

This post was created via INLEO. What is INLEO?

INLEO's mission is to build a sustainable creator economy that is centered around digital ownership, tokenization, and communities. It's built on Hive, with linkages to BSC, ETH, and Polygon blockchains. The flagship application, Inleo.io, allows users and creators to engage & share micro and long-form content on the Hive blockchain while earning cryptocurrency rewards.

---

---

Let's Connect

Hive: inleo.io/profile/uyobong/blog

Twitter: https://twitter.com/Uyobong3

Discord: uyobong#5966

---