Benzinga - USDC Coin (CRYPTO: USDC) issuer, Circle, announced its partnership with Taiwanese crypto exchange BitoGroup and Taiwan FamilyMart to deepen its presence in the market. The three companies are looking to launch a points-to-crypto service enabling users to convert their FamilyMart loyalty points into cryptocurrencies like USDC.
Users can choose the number of FamiPoints to be converted into USDC and avoid any loss of value in loyalty points, which will benefit the user with zero transaction fees and smooth access to cryptocurrencies.
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“With the introduction of USDC in the enhanced ‘Points-to-Crypto’ service, we aim to empower the Taiwanese community to participate in the digital economy seamlessly and support Taiwan’s stance in embracing digital fintech innovations,” said Raagulan Pathy, VP of Asia Pacific for Circle, in the company statement.
In early October, Taiwan announced that it plans to submit its special crypto law draft by November end and implementation is likely to happen in mid-2024. The laws intend to meet the international standards for crypto regulation, including anti-money laundering. It also looks to ban non-compliant offshore exchanges.
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About Family Mart and BitoGroup
Family Mart is the second-largest convenience store chain in Taiwan, and it has a history of a long-adopted loyalty point system. BitoGroup operates a range of services like cryptocurrency exchange BitPro, NFT empowerment platform BELS, and metaverse-focused social media platform O2 META. The company says it has a membership base of almost 800,000, leading to a strong market share of around 90% in Taiwan.
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