RedotPay has announced the launch of Instant Fiat-to-Stablecoin Onramps in the UK and the European Union.
Following this announcement, the new feature will enable zero-fee stablecoin purchases while leveraging EUR and GBP deposits. This product will be live across all supported regions, as the company aims to continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
In addition, starting July 6, verified users will have the possibility to deposit EUR and GBP directly into RedotPay’s Multi Currency Wallet and convert them instantly into stablecoin. The rollout marks the next phase in RedotPay’s product development strategy, following its USD 40 million Series A funding round earlier this year.
More information on RedotPay’s Instant Fiat-to-Stablecoin onramps launch
According to the official press release, the fiat deposit feature is expected to optimise the user experience by offering a more cost-efficient alternative with faster processing time, and a safer approach as compared to potential compliance risks associated with purchasing stablecoins through offline over-the-counter (OTC) shops. At the same time, the new update will allow customers to make direct fiat deposits and instantly convert them into stablecoins, while also tapping on the stablecoin-based rails to send globally.
In order to access the feature, clients are required to complete identity verification and a risk assessment questionnaire, as each account will be tied to a single currency, either EUR or GBP. At the same time, deposits will be only accepted from supported regions and must match the user’s government-issued identification.
RedotPay has also incorporated new in-app safeguards in order to promote safe usage and protect customers from common crypto scams. These measures reflect RedotPay’s initiative to maintain optimised standards of compliance and security through the process of combining user-friendly functionality with strong compliance and security practices.
