New Feature Enables Instant Conversion of Digital Assets to Nigerian Naira
RedotPay has partnered with Ripple to launch a new feature called “Send Crypto, Receive NGN.” This innovative service allows users to convert various digital assets directly into Nigerian naira (NGN) and receive funds in their local bank accounts within minutes.
The "Send Crypto, Receive NGN" service is powered by Ripple Payments and initially supports several major cryptocurrencies. These include USD Coin (USDC), Tether (USDT), Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Tron (TRX), and XRP. The company also plans to add Ripple USD (RLUSD) to its supported tokens in the near future. Michael Gao, CEO of RedotPay, emphasized the company's commitment to developing stablecoin-powered payment solutions that aim to make using digital assets as seamless as using local currency.
Seamless Transactions for Verified Users
Verified RedotPay users who possess local bank accounts can now send supported cryptocurrencies and have the equivalent value deposited directly into their bank accounts in naira, with transactions completing in mere minutes. This launch coincides with Nigeria's significant engagement with digital assets, as the country ranks sixth in Chainalysis' 2025 Global Adoption Index, indicating high usage and search interest for cryptocurrencies.
Navigating Nigeria's Evolving Regulatory Landscape
Nigerian regulators have adopted a more stringent approach to cryptocurrency regulation over the past year. In December 2024, the Nigerian Securities and Exchange Commission (SEC) revised its crypto regulations, introducing stricter rules concerning the marketing and advertising of digital assets.
Earlier this year, Nigeria initiated a substantial lawsuit against Binance, seeking $81.5 billion and alleging that the exchange's actions led to the devaluation of the local currency. The lawsuit also stated that Binance owed $2 billion in back taxes. Despite these legal challenges, Mohammed Idris, Nigeria's Information Minister, stated in March that numerous cryptocurrency businesses operate within the country without facing litigation or criminal prosecution.
In July, Emomotimi Agama, the Director-General of Nigeria's SEC, announced that the country is open to welcoming stablecoin businesses that adhere to local regulatory requirements. This indicates a developing regulatory environment where authorities are seeking to balance enforcement actions with the promotion of innovation within the digital asset sector.
RedotPay's Growth and Ripple's Global Expansion
RedotPay achieved unicorn status in September, following the successful closure of a $47 million strategic investment round. This funding round saw participation from Coinbase Ventures, with continued support from Galaxy Ventures and Vertex Ventures, as well as an undisclosed global tech entrepreneur.
Ripple continues to broaden its payment services on a global scale. Just last week, the company secured approval from Singapore's central bank to expand its payment activities within the region. Prior to this, Ripple's RLUSD stablecoin received approval for institutional use in Abu Dhabi. These developments highlight an increasing regulatory acceptance of Ripple's cryptocurrency infrastructure across various international jurisdictions.