Circle Partners with FamilyMart and BitoGroup to Launch Points-to-Crypto Service in Taiwan
Circle, a stablecoin issuer based in the United States, has announced a partnership with FamilyMart, Taiwan’s second-largest convenience store chain, and BitoGroup, a local cryptocurrency exchange. The collaboration aims to introduce a new service called ‘Points-to-Crypto’ on the Taiwan FamilyMart App.
With this service, FamilyMart customers will have the opportunity to exchange their loyalty points for USDC, a stablecoin issued by Circle. They can withdraw the equivalent value of their FamiPoints to their BitoPro wallets without incurring any transaction fees. This initiative aims to prevent the devaluation of loyalty points over time and make cryptocurrencies more accessible.
The Significance of Loyalty Points in Taiwan
Circle highlights the importance of loyalty points in Taiwan, referring to a report by the Market Intelligence & Consulting Institute (MIC) in 2021. According to the report, 87% of Taiwanese users engage in point accumulation, with 99% of them frequently redeeming points for products.
Taiwan FamilyMart’s FamiPoints currently have over 17 million members nationwide, while BitoGroup boasts a membership base of approximately 800,000 users.
Expansion of Circle’s Partnerships
In addition to this collaboration, Circle recently formed a strategic partnership with Coins.ph, a major cryptocurrency exchange and digital wallet provider in the Philippines.
Potential Crypto Regulation in Taiwan
Taiwan’s Financial Supervisory Commission (FSC) is expected to release the first draft of a crypto law by November 2023. In September, the FSC established guidelines for virtual asset service providers (VASPs) operating in Taiwan, indicating the country’s efforts to regulate its cryptocurrency market.
Hot Take: Circle’s Expansion in Asia
Circle’s partnership with FamilyMart and BitoGroup marks another step in the company’s expansion across Asia. By tapping into Taiwan’s loyalty points system, Circle aims to make cryptocurrencies more accessible and prevent the devaluation of loyalty points. This collaboration aligns with Taiwan’s potential crypto regulation, demonstrating the growing acceptance and integration of digital assets in the country.
By
By
By
By