Ripple News: Ripple and RedotPay Launch Instant Crypto-to-Naira Service

RedotPay partners with Ripple to offer an instant crypto-to-Naira payout feature with faster settlement and lower costs.

RedotPay has announced a new partnership with Ripple to launch an instant crypto-to-Naira service for verified users in Nigeria. The feature, dubbed “Send Crypto, Receive NGN,” enables users to convert digital assets into local currency and also receive payouts in minutes. The launch represents a huge advance in enabling quicker and more accessible digital payments in emerging markets.

Ripple Service Delivers Faster and Simpler Crypto Payouts

RedotPay integrated Ripple Payments to add more speed, security, and reliability. Because of this integration, the users will be able to send assets such as XRP or supported stablecoins, and they will receive NGN almost instantly. RedotPay’s CEO, Michael Gao, said this upgrade brings digital assets closer to everyday use by making payouts simple and fast. He added that RedotPay wants to offer secure payments that feel like payments using local currency.

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Global remittance systems are still slow and expensive. However, the demand for cheaper digital alternatives is still on the rise. Global fees are at an average of about 6.49% and transactions can take days to complete. Therefore, users and businesses are increasingly seeking blockchain-based solutions that have fewer waiting times and transparent pricing. Reports from Chainalysis indicate very positive growth in the use of stablecoins in the Asia-Pacific region, particularly for the purpose of sending remittances.

For the new feature, NGN, Ripple is using the Ripple enterprise-grade payment network to minimize friction. As a result, RedotPay can provide faster conversion, stable settlement, and transparent fee structures. The service supports the USDC, USDT, BTC, ETH, SOL, TON, TRX, XRP, and BNB. Furthermore, Ripple’s RLUSD will become one of the supported assets in the future. When users send crypto using RedotPay, NGN reaches directly linked bank accounts.

Jack Cullinane of Ripple said the partnership is a way for Ripple to show the world the impact Ripple Payments can have in the real world. He explained that the system simplifies and makes more affordable the cross-border transfers for both individuals and companies. Additionally, he stressed that the collaboration provides a reliable alternative to slow and expensive traditional channels of remittance.

Expanded Access Supports Multi-Market Payout Strategy

RedotPay has been adding its payout options in various regions. Before this launch, the company introduced “Send Crypto, Receive BRL” and “Send Crypto, Receive MXN.” Now, with NGN added, RedotPay continues its strategy of supporting workers, freelancers, digital nomads, and users who require fast settlement in local currencies. The new feature makes international earnings simpler and less susceptible to the long-time waits in settlements.

Moreover, the launch signals the rise of stablecoin-powered services in emerging markets. Faster settlement means there is less liquidity pressure for the recipient, and the users can manage the funds during volatile times. As RedotPay adds more currencies, the company is looking to enhance access to efficient and transparent payout tools.

Ultimately, the partnership with Ripple demonstrates the continued transformation of global payments by blockchain technology. By providing near-instant NGN transfers, RedotPay and Ripple are raising the bar for speed and reliability. Their combined system may have implications for future models of remittances and promote wider use of digital financial tools in markets where liquidity is sought, and transactions between countries are made more difficult.

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