RedotPay, a fast-growing Web3 payment solution provider in Asia, has partnered with Cactus Custody™ to offer enhanced compliance and security for institutional-grade custodian services to RedotPay users. Through this strategic collaboration, both parties reaffirmed their commitment to championing the highest compliance standards in Web3 custody services.
Through the partnership with Cactus Custody™, RedotPay clients’ digital assets will be held in segregated wallets provided by Cactus Custody™ and are covered under a best-in-class US$50-million crime and specie insurance. Additionally, the custodial services rendered have been validated through a SOC2 Type 1 audit conducted by Deloitte Touche Tohmatsu. The private keys associated with the wallets are generated and stored securely within the industry’s highest-grade HSMs (Hardware Security Modules) FIPS 140-2 Level 3 standards or above.
Michael GAO, Co-founder and CEO of RedotPay, said, “We are thrilled to collaborate with Cactus Custody™ and provide our clients with secure institutional-grade custody services for their digital assets. RedotPay has always been committed to upholding the highest compliance standards and the safety of client assets. We will continue to work with partners who share our philosophy, emphasizing the importance of compliance in the Web3 industry.”
Cactus Custody™ is the institutional digital asset custody service powered by Matrixport. As a qualified custodian and a Hong Kong Trust company that meets the capital reserve requirement, the company acts within regulatory and AML guidelines (Licence No.:TC006789). The company is enabled by cutting-edge system security design and infrastructure, coupled with comprehensive enterprise-grade financial management functions that are catered for flexible business scenarios, Cactus Custody™ safeguards billions of dollars of digital assets for over 300+ institutions including some of the world’s largest exchanges, funds and miners.
Wendy Jiang, General Manager of Cactus Custody™, added, “We’re excited about our institutional grade solutions being selected by RedotPay to provide critical, secure and compliant digital asset wallet services. RedotPay’s innovative offerings address a growing pain point for retail adoption of crypto payments, by providing users with a straightforward and convenient solution for them to spend their crypto. This is in line with our goal to enable institutions to make crypto easy for everyone.”
RedotPay is at the forefront of Asia’s Web3 payment solutions, offering the globally-accepted RedotPay Visa card that enables users to seamlessly incorporate cryptocurrencies into their daily transactions. To ensure compliant and secure client onboarding and asset transfers, RedotPay has established partnerships with industry-renowned entities such as Sumsub and Beosin for KYC and KYT services. The collaboration with Cactus Custody™ further reinforces the safety and security of client assets within RedotPay’s ecosystem. Positioned as a vital bridge, RedotPay empowers individuals and businesses to embrace the future of digital finance.