Headquartered in Hong Kong, stablecoin payment company RedotPay has announced a "restructuring" of its team to enhance efficiency and support its expansion, addressing sensitive reports regarding executive turnover and its relationship with mainland China.
In a statement to Cointelegraph, RedotPay mentioned: "As we transition from a startup to a unicorn, we are adjusting our organizational structure and talent allocation to support our ongoing growth trajectory." The company did not directly respond to related reports from Bloomberg. RedotPay stated that all co-founders, including CEO Michael Gao, COO, and CTO, continue to play leadership roles in key functions.
RedotPay's statement indicates no urgent need for fundraising.
The company confirmed that it has not yet appointed a Chief Financial Officer, stating that one of its co-founders is currently handling financial responsibilities while also managing investor relations and corporate development. RedotPay noted: "We may appoint a CFO when needed in the future." Additionally, the company pointed out that it currently has over 250 employees globally, most of whom are based in Hong Kong.
RedotPay also stated that, given its strong operational cash flow and liquidity, there is currently no pressing need for new financing, and it remains open to investor participation.
Founded in 2023, RedotPay offers an application that works with Visa cards, allowing users to utilize stablecoins in everyday transactions while providing yield and remittance services.