- RedotPay’s new Ripple-powered feature lets users convert cryptocurrency into Naira in minutes.
- The recent Ripple approbations in Singapore and Abu Dhabi reinforce its global drive.
RedotPay is a payment system that has been designed to help you. introduced New feature “Send Crypto, Receive NGN,” This service allows users who have been verified to receive Nigerian Naira on their bank account within minutes after sending supported cryptocurrency. Ripple Payments is the company that powers this service. They have partnered with RedotPay for support.
The platform will support major tokens at launch including Bitcoin, Ethereum XRP USDC USDT Solana Tron BNB. According to an announcement, RedotPay will add Ripple (RLUSD) stablecoin soon. It is aimed at making cross-border payment easier and faster for businesses and individuals in Nigeria.
Michael Gao CEO RedotPay stated that
RedotPay is building stablecoin‑powered payments that make digital assets as easy to use as local currency, where users can send XRP or stablecoins securely and receive NGN within minutes.
Ripple targets smoother cross-border payments
Ripple has confirmed that its cross-border payment service is licensed to use the new features. This will help reduce friction, time and cost associated with money transfers. Jack Cullinane is the Head of Commercial Asia Pacific for Ripple.
RedotPay is a licensed payment solution that has been proven to be incredibly useful in reducing the enormous friction involved with global cross border payments.
This partnership is at a moment when Ripple has gained more ground around the world. The company has a presence in Singapore. received A Major Payment Institution License from the Monetary Authority of Singapore. Ripple can now operate payments in this market under a regulated framework and is part of the MPI Framework.
Ripple is also making progress in the Middle East. As we reportedRipple has obtained a stablecoin license for its RLUSD from the Financial Services Regulatory Authority of Abu Dhabi. Ripple’s stablecoin was launched in December 2024. reported A market capitalization of $50 million can grow to $1 billion in one year.
Nigerian regulatory climate: Openness with caution
Nigeria remains a key player in the crypto world, ranking 6th in Chainalysis’ Global Adoption Index 2025. The high adoption rate is despite the regulatory issues and the government’s scrutiny over the last year.
Nigeria’s Securities and Exchange Commission introduced stricter regulations in December 2024 that target cryptomarketing and advertising. In December 2024, the Securities and Exchange Commission (SEC) of Nigeria introduced stricter rules aimed at crypto marketing and advertising. followed a high-profile case involving BinanceThe Nigerian government accused Binance of being responsible for the crash in the Naira. Binance was accused of owing $2 billion to the Nigerian government in taxes. The Nigerian Government filed a lawsuit for $81.5 billion.
Not all crypto-operations in Nigeria have been blocked. Mohammed Idris, the Information Minister of Nigeria stated that in March many companies were operating without any outstanding cases. Emomotimi Agaman, the Director-General for Nigeria’s SEC in July, stated that Nigeria is welcoming stablecoin companies as long as these businesses follow local regulations.
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Source: www.crypto-news-flash.com
