USDC Issuer Circle Partners BitoGroup And Taiwan FamilyMart In A Strategic Move

USDC Issuer Circle announces a collaboration with Taiwan-based BitoGroup and Taiwan FamilyMart, the nation’s second-largest convenience store chain. The idea behind the collaboration is to spread Web3 advancement in for the citizens, especially crypto users in Taiwan.

On October 26, Circle on its official website announced that it ha forged a strategic partnership with BitoGroup, Taiwan’s leading cryptocurrency exchange, and Taiwan FamilyMart, the nation’s second-largest convenience store chain, to expand the utility of loyalty points, enhance their value and lower the barrier of engaging in the digital economy for the Taiwanese market.

Expectations with the Circle and BitoGroup partnership

With this strategic partnership, points-to-crypto service will be delivered to those using the FamilyMart App and BitoPro crypto exchange in Taiwan. Moreover, users can convert their FamilyMart points (also known as FamiPoints) into currencies, to use with their BitPro accounts to receive the currency.

Excited about the partnership, Raagulan Pathy, Vice President of Asia Pacific for Circle, said, “Circle is excited to partner with BitoGroup and Taiwan FamilyMart to champion access to digital currencies in Taiwan.”

Meanwhile, Titan Cheng, the CEO and founder of BitoGroup, also expressed positivity and said:

“Through our strategic collaboration with Circle and FamilyMart, we aspire to expand the USDC ecosystem and build a robust Web3 infrastructure in Taiwan.” 

This is considered a major boost to crypto traders, as unlike FamiPoints, this will not expire and will be converted easily with zero transaction fees, and democratizing access to cryptocurrencies. 

Circle-BitoGroup partnership will strengthen loyalty points

The move of Circle comes to expand its presence in the Taiwanese market and drive the adoption of digital fintech innovations. According to the Market Intelligence & Consulting Institute (MIC) in Taiwan, Points Accumulation and Redemption ranked top as consumers use points often for product redemption.

Notably, reports suggested that over 87% of users engage in points accumulation, with an overwhelming 99% of them utilizing points often for product redemptions. Considering this data, the partnership, allowing conversion of points into cryptocurrency will not only enhance loyalty points but will push cryptocurrency amongst Taiwanese, boosting the crypto economy and Web3.

 The major partnership, which visions to attract over 17 million users of FamilyMart App, came after the recent update that Taiwan may draft new crypto law by November 2023, which will lead to a legal guideline for cryptocurrency in Taiwan.

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