RedotPay, a Hong Kong-based cryptocurrency payment company, has completed a $107 million Series B funding round led by Goodwater Capital, with participation from Sequoia China, Pantera Capital, and Circle Ventures. This latest investment brings RedotPay's valuation to $2 billion. The company, co-founded by Michael Gao, a former executive at major banks like HSBC and DBS, has rapidly expanded its user base to over 10 million globally, with annualized payments exceeding $100 billion. RedotPay's business model focuses on providing cryptocurrency-backed Visa debit cards, enabling users to transact in over 100 countries. The company also offers services like global payouts, peer-to-peer fiat trading, and interest-bearing financial products. Despite its rapid growth, RedotPay faces challenges in maintaining high profit margins while competing with larger, licensed financial institutions. The company is also navigating complex regulatory landscapes, as it expands its financial services offerings.