Circle has unveiled Points-to-Crypto, a strategic collaboration with Taiwan’s second-largest convenience store giant, FamilyMart, and the local crypto exchange powerhouse, BitoGroup. This dynamic partnership is set to revolutionize the crypto landscape in Taiwan.
The New ‘Points-to-Crypto’ Service on Taiwan FamilyMart App
Circle’s latest venture introduces the innovative ‘Points-to-Crypto’ service on the Taiwan FamilyMart App. Through this service, FamilyMart customers gain the unprecedented ability to convert their loyalty points into Circle-issued USDC. The process is seamlessly integrated, allowing customers to effortlessly withdraw the equivalent of FamiPoints directly to their BitoPro wallets.
Notably, this strategic move not only enhances user convenience but also safeguards against the devaluation of loyalty points over time. What’s more, the conversion process incurs zero transaction fees. This will further make it a cost-effective and democratized gateway for customers to enter the world of cryptocurrencies.
Leveraging the Power of FamiPoints
Highlighting the significance of loyalty points in Taiwan, Circle draws attention to a 2021 report by the Market Intelligence & Consulting Institute (MIC). According to the report, a staggering 87% of Taiwanese users actively accumulate points. This is with an impressive 99% utilizing these points for various product redemptions.
Taiwan FamilyMart’s FamiPoints boasts a membership of over 17 million nationwide. Notably, it has become a cornerstone of loyalty programs in the region. Meanwhile, BitoGroup, with approximately 800,000 users in its membership base, brings substantial crypto expertise to the partnership.
This announcement comes on the heels of Circle’s strategic partnership with Coins.ph, a major player in the cryptocurrency exchange and digital wallet realm in the Philippines. Also, these alliances underscore Circle’s commitment to global expansion and positioning itself at the forefront of the evolving crypto landscape.
Taiwan’s Crypto Regulatory Landscape
In the broader context, Taiwan is poised to further take a significant step forward in its crypto regulatory framework. Anticipated by the end of November 2023, Taiwan may witness the introduction of the first draft of a crypto law.
In September, Taiwan’s Financial Supervisory Commission (FSC) laid the groundwork by formulating key points for regulating the country’s cryptocurrency market. Industry guidelines for virtual asset service providers (VASP) operating in Taiwan have been released. This further marks a pivotal moment in the region’s crypto journey.
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