Circle Partners with FamilyMart and BitoGroup to Launch 'Points-to-Crypto' Service in Taiwan
Summary:
Circle, a US-based stablecoin issuer, partners with FamilyMart, Taiwan's second-largest convenience store chain, and local crypto exchange, BitoGroup. The collaboration introduces a 'Points-to-Crypto' service to FamilyMart's app, allowing customers to exchange loyalty points for Circle's USDC. Converting loyalty points helps maintain their value, eliminates transaction fees, and enhances access to digital currencies. The move comes as Taiwan plans to introduce its inaugural crypto legislation by November 2023.
Circle, an American firm known for issuing stablecoins, has announced a collaboration with FamilyMart, Taiwan’s second biggest convenience store franchise, and BitoGroup, a Taiwanese cryptocurrency exchange. The press release from Circle on October 26 revealed a new 'Points-to-Crypto' feature on FamilyMart's Taiwan-based app. This new service will empower FamilyMart shoppers to trade their loyalty rewards for the Circle's USDC. Customers can then withdraw the FamiPoints equivalent to their BitoPro digital wallets. The report further elucidates how swapping FamiPoints for USDC ensures value retention over time, removes transaction charges, and optimizes accessibility to digital currencies. Circle cites a 2021 study by the Market Intelligence & Consulting Institute (MIC), highlighting that 87% of Taiwanese users participate in point collection programs and a whopping 99% frequently use such points for goods exchange. FamilyMart’s FamiPoints have managed to amass over 17 million members across the nation, while BitoGroup boasts of about 800,000 users. In the previous month, a strategic alliance between Circle and Coins.ph, a prominent digital wallet and cryptocurrency exchange service in the Philippines, was unveiled. By the end of November 2023, Taiwan might be equipped with its maiden draft legislation on cryptocurrencies. Taiwan's Financial Supervisory Commission (FSC) laid down the groundwork for the regulation of the national cryptocurrency market in September. It released operational guidelines for virtual asset service providers (VASP) in Taiwan.
Published At
10/26/2023 11:13:32 AM
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