Circle Partners with FamilyMart and BitoGroup for Points-to-Crypto Program
Circle Internet Financial has announced a collaboration with Taiwanese convenience store giant FamilyMart and crypto exchange BitoGroup to launch an “enhanced Points-to-Crypto” program. The program allows users to convert their FamilyMart loyalty points into virtual currencies, including Circle’s stablecoin $USDC, and withdraw them to the BitoPro wallet. Circle believes that this partnership demonstrates how $USDC can revolutionize daily experiences, enhance the practicality of digital currencies in real-world contexts, and contribute to a more inclusive global financial system.
Circle Expanding Its Services in Taiwan
A recent report by the Market Intelligence & Consulting Institute (MIC) revealed that 87% of Taiwanese consumers actively engage in loyalty point programs. Circle’s Vice President of Asia Pacific, Raagulan Pathy, is excited about the partnership with FamilyMart and BitoGroup as it aligns with Taiwan’s embrace of fintech innovations. BitoGroup’s CEO Titan Cheng emphasizes their commitment to facilitating the transition from Web2 to Web3 and building a robust Web3 infrastructure in Taiwan.
Taiwanese Policymakers Approaching Cryptocurrency Legislation
The collaboration between Circle, FamilyMart, and BitoGroup comes at a time when Taiwan is expected to introduce new cryptocurrency legislation. In September, Taiwan’s Financial Supervisory Commission outlined regulations for the domestic cryptocurrency market and issued industry guidelines for virtual asset service providers operating within the country’s jurisdiction.
Circle Expands Services in Asia
While facing challenges in the U.S., Circle has been expanding its services in other regions, particularly in Asia. The company recently launched a Web3 wallet platform designed to enable businesses to offer digital asset settlement capabilities. Circle has also partnered with Grab in Singapore to provide Web3 services to over 180 million users and joined forces with Coins.ph in the Philippines to enhance cross-border payments. Circle’s co-founder, Jeremy Allaire, sees the active adoption of blockchain technology by Web2 companies as a promising sign for the industry.
Hot Take: Circle Pioneers Loyalty Points-to-Crypto Conversion
Circle’s collaboration with FamilyMart and BitoGroup to convert loyalty points into cryptocurrencies is a significant step towards integrating digital currencies into everyday experiences. By allowing users to easily convert their points into stablecoins like $USDC, Circle is showcasing the practicality and potential of digital assets. This partnership not only benefits consumers but also contributes to the development of a more inclusive global financial system. As Circle continues to expand its services in Asia and forge new partnerships, it is positioning itself as a leader in the crypto industry.
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