Hong Kong-based stablecoin payments company RedotPay has delayed its planned U.S. initial public offering, with the listing now potentially slipping to next year or even later, according to BlockBeats. The company had previously raised more than $150 million across funding rounds completed in September and December last year. Investors included the venture arms of Coinbase and Circle. The delay comes after a separate legal dispute surfaced earlier this month in Hong Kong. Binance-linked entities Nest Trading, DistributedTechnologies, and Chaintecs Consulting Singapore filed suit against RedotPay co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao. The plaintiffs allege the three violated an agreement and redirected more than 470,000 users from Binance Card to RedotPay. They are seeking $472.8 million in claimed losses. The report did not state whether the IPO delay was directly tied to the lawsuit.
Hong Kong-based stablecoin payments company RedotPay has delayed its planned U.S. initial public offering, with the listing now expected to be pushed to next year or later, according to BlockBeats on Aug. 14.
Funding topped $150 million last year
RedotPay completed fundraising rounds in September and December last year, bringing in more than $150 million in total. Investors included the venture arms of Coinbase and Circle.
Binance-linked entities filed suit in Hong Kong earlier this month
Earlier reports said that at the beginning of this month, Binance-linked entities Nest Trading, DistributedTechnologies, and Chaintecs Consulting Singapore filed a lawsuit in Hong Kong against RedotPay co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao.
The plaintiffs alleged that the three violated an agreement and diverted more than 470,000 users from Binance Card to RedotPay, while claiming $472.8 million in losses.
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