RedotPay said to put $1 billion U.S. IPO plan on hold: Bloomberg

FinanceRedotPay said to put $1 billion U.S. IPO plan on hold: BloombergA spokesperson for the stablecoin payments company declined to comment on any IPO plans.By Olivier Acuna|Edited by Sheldon Reback2 hrs ago1 min readMake preferred on ShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShowStablecoin payments firm RedotPay postponed its planned $1 billion U.S. IPO, which is now unlikely to occur before 2027, as it addresses legal issues.The Hong Kong-based company, which recently obtained a U.S. money transmitter license and is preparing a U.S. product launch, declined to comment on its IPO plans.RedotPay, which calls itself the world’s largest stablecoin payment card issuer and recently reached unicorn status, is facing a $470 million lawsuit from Binance over allegedly poaching hundreds of thousands of users.Stablecoin payments company RedotPay delayed a planned $1 billion U.S. IPO to deal with legal issues, Bloomberg reported Friday, citing people familiar with the decision.The listing, initially planned for this year, is unlikely to take place before 2027, the people told the financial news organization."Our strategy continues to focus on global regulatory compliance and business growth,” a RedotPay spokesperson told CoinDesk via Telegram. “This week we obtained a money transmitter license in the U.S. We are preparing to launch our product in the U.S.”The spokesperson declined to comment on the IPO plan, which emerged in February. Hong Kong-based RedotPay is said to have tapped JPMorgan, Goldman Sachs and Jeffries for the potential listing. RedotPay, which describes itself as the world’s largest stablecoin payment card issuer, faces a $470 million lawsuit lodged by Binance in Hong Kong alleging that it poached roughly 470,000 users when both firms had an agreement. Under the accord, the crypto exchange allowed its customers to use Binance Pay funds on RedotPay to convert crypto to fiat currency. Binance filed a par…

RedotPay said to put $1 billion U.S. IPO plan on hold: Bloomberg

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