RedotPay has teamed up with Ripple to launch “Ship Crypto, Obtain NGN,” a brand new function that lets customers convert digital belongings into Nigerian naira and obtain the funds in native financial institution accounts inside minutes.
The service is constructed on Ripple Funds and helps a basket of main tokens at launch, together with USDC (USDC), USDt (USDT), Bitcoin (BTC), Ether (ETH), Solana (SOL), Tron (TRX), XRP (XRP) and BNB (BNB), with Ripple USD (RLUSD) anticipated to be added later, Ripple mentioned in a Tuesday announcement.
“RedotPay is constructing stablecoin‑powered funds that make digital belongings as simple to make use of as native foreign money, the place customers can ship XRP or stablecoins securely and obtain NGN inside minutes,” RedotPay’s CEO Michael Gao mentioned.
Verified RedotPay customers with native financial institution accounts can ship supported cryptocurrencies and obtain NGN instantly into their financial institution accounts inside minutes, the corporate mentioned.
Associated: Nigerian fintech plans African stablecoin fee system with Polygon: Report
Nigeria’s turbulent crypto previous
Nigeria ranks among the many world’s most lively nations by way of utilization and search curiosity, inserting sixth in Chainalysis’ 2025 International Adoption Index.
Nevertheless, regulators have taken a harder line since final 12 months. The Nigerian Securities and Change Fee (SEC) overhauled its crypto rules in December 2024, tightening legal guidelines round crypto advertising and marketing and promoting.
Earlier this 12 months, the nation additionally filed an $81.5 billion lawsuit in opposition to Binance, claiming the change crashed Nigeria’s native foreign money, the naira, and mentioned that Binance owed $2 billion in again taxes.
Regardless of these controversies, Nigerian Data Minister Mohammed Idris mentioned in March that many crypto companies function contained in the nation and should not going through litigation or prison prosecution.
In July, Nigeria’s SEC Director-Basic Emomotimi Agama additionally introduced that the nation was open to stablecoin companies that adjust to native rules.
Associated: Nations throughout Africa approve new crypto legal guidelines as adoption grows
RedotPay claims unicorn standing
In September, RedotPay mentioned it joined the ranks of fintech unicorns after securing a $47 million strategic funding spherical. The elevate noticed participation from Coinbase Ventures, with continued backing from Galaxy Ventures and Vertex Ventures, and assist from a worldwide tech entrepreneur whose identification was not disclosed.
In the meantime, Ripple has been increasing its fee providers. Final week, the corporate obtained approval from Singapore’s central financial institution to broaden its fee actions within the area. Beforehand, the agency’s RLUSD stablecoin obtained approval for institutional use in Abu Dhabi.
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