Nium Partners With RedotPay to Expand Stablecoin Off-Ramp Services

The partnership, announced on October 8 at the TOKEN2049 conference in Singapore, will give RedotPay access to Nium’s global payment network. The companies said RedotPay will use Nium’s infrastructure to expand its off-ramp services into new markets.

Nium’s network covers more than 100 currencies and 190 markets, while its payment network processed more than $84 billion in payment volume over the past year, according to the company.

Nium to Support RedotPay’s Off-Ramp Expansion

An off-ramp allows users to convert digital assets such as stablecoins into traditional fiat currencies and receive the money through bank accounts, wallets or cards.

Through the partnership, RedotPay will connect with Nium’s cross-border payment infrastructure to provide these services across additional markets. The companies have not yet disclosed the first new countries or currencies that will be supported.

RedotPay already provides services that allow users to spend and transfer digital assets through its stablecoin-based platform. The company said the partnership with Nium will help extend these services to more users globally.

Nium connects stablecoin payment rails through partnerships with regulated blockchain infrastructure providers, while fiat payouts are processed through its licensed payment network.

What Nium and RedotPay Said

Prajit Nanu, CEO and co-founder of Nium, said stablecoins are increasingly being used for everyday payments rather than only as trading assets.

“Stablecoins are becoming a daily payment method, not just a trading asset,” said Prajit Nanu, CEO and co-founder of Nium.

Michael Gao, CEO and co-founder of RedotPay, said the partnership will help users use digital assets for everyday financial needs.

“Nium's off-ramp infrastructure will help our users worldwide put their digital assets to work for the everyday things that make life meaningful,” said Michael Gao, CEO and co-founder of RedotPay.

How Will the Partnership Help RedotPay Users?

The partnership is mainly focused on improving the infrastructure behind the conversion of stablecoins into local currencies.

With access to Nium’s payment network, RedotPay aims to expand the markets where users can convert digital assets and receive or spend local currency.

However, the companies have not disclosed the exact countries, currencies, transaction fees or settlement times that will be available through the new integration.

Availability may also differ between markets because digital-asset and payment services are subject to local licensing, compliance and transaction-monitoring requirements.

About Nium

Nium is a global payments infrastructure company co-headquartered in Singapore and San Francisco. It provides payment services for banks, fintech companies and enterprises.

According to the company, its platform supports more than 100 currencies, operates across 190+ markets, and holds regulatory licences in more than 40 countries. Its network supports payouts to bank accounts, wallets and cards.

Nium also works with regulated blockchain infrastructure providers to connect stablecoin payment rails with its traditional payment network.

About RedotPay

Founded in 2023, RedotPay is a global stablecoin-based payment fintech company. Its platform connects blockchain-based digital assets with traditional payment and financial infrastructure.

The company provides services that allow users to send and spend digital assets and use stablecoins for everyday payments.

Read Also - Lumio Closes $12 Mn Series A to Expand Home Technology Products