Circle Partners with BitoGroup and FamilyMart to Launch “Points to Cryptocurrency” Service in Taiwan

October 26, 2023

Circle, the issuer of the USDC stablecoin, has announced a partnership with Taiwanese crypto exchange BitoGroup and Taiwan’s second-largest convenience store chain FamilyMart to launch a “points to cryptocurrency” service. The service will allow users to convert their FamilyMart loyalty points, called FamiPoints, into cryptocurrencies such as USDC through BitoGroup.

The announcement stated that BitoGroup has 800k users and FamilyMart has more than 17 million members. This suggests that the new service could have a significant impact on the adoption of cryptocurrencies in Taiwan.

Service is also likely to boost the adoption of USDC in Taiwan

The service is expected to launch in early 2024. To use the service, users will need to create an account with BitoGroup and link their FamilyMart loyalty account. Once they have done this, they will be able to convert their FamiPoints into USDC at any time.

The partnership is a significant development for the cryptocurrency industry. It shows that major companies are increasingly interested in cryptocurrencies and are looking for ways to make them more accessible to the general public. The service is also likely to boost the adoption of USDC in Taiwan, as it will make it easier for people to buy and sell the stablecoin.

Implications for the cryptocurrency industry

The partnership between Circle, BitoGroup, and FamilyMart is a positive development for the cryptocurrency industry. It shows that major companies are increasingly interested in cryptocurrencies and are looking for ways to make them more accessible to the general public.

The new service is also likely to boost the adoption of USDC in Taiwan, as it will make it easier for people to buy and sell the stablecoin. This could have a positive impact on the overall cryptocurrency market, as USDC is one of the most widely used stablecoins in the world.

Overall, the partnership is a sign that the cryptocurrency industry is maturing and becoming more mainstream. It is also a reminder that cryptocurrencies can be used in a variety of ways, including as a way to redeem loyalty points.