RedotPay could become the first stablecoin card company to IPO in the US
Bloomberg reports it is considering a confidential filing by year-end and is in talks on a pre-IPO round at a $4B to $5B valuation
Who they are:
- a stablecoin payments app from Hong Kong, launched in 2023
- you top up with crypto and pay with a Visa card
- in Singapore the actual issuer isn't named, the terms only say "BIN Sponsor"
- in Hong Kong it is legally a credit card, with the credit line from its own Red F. Technology
- 9M+ customers, over $180M a year in revenue at the current pace and an operating margin above 50%, per the report
In September its cards took $537.9M of top-ups, 34% of all tracked Crypto Card volume
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@RedotPay stock?