Circle launches ‘points-to-crypto’ program with Taiwan convenience store chain

United States-based stablecoin issuer Circle has announced a concern with Taiwan’s second-largest convenience store chain, FamilyMart, and a section crypto exchange, BitoGroup. According to the company’s property merchandise from Oct. 26, it volition present a caller “Points-to-Crypto” work connected the FamilyMart app. 

This volition let FamilyMart customers to speech loyalty points for the Circle-issued USD Coin (USDC). Customers volition beryllium capable to retreat the equivalent of FamiPoints to their BitoPro wallets. The merchandise explains:

“Converting FamiPoints into USDC prevents a nonaccomplishment of worth successful loyalty points implicit clip and incurs zero transaction fees, democratizing entree to cryptocurrencies.” 

Circle emphasizes the value of loyalty points successful Taiwan, citing a 2021 study by the Market Intelligence & Consulting Institute (MIC), which recovered that 87% of Taiwanese users prosecute successful points accumulation, with an overwhelming 99% utilizing points for merchandise redemptions.

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FamilyMart’s FamiPoints person reportedly attracted implicit 17 cardinal members nationwide, portion BitoGroup claims a rank basal of astir 800,000 users.

In aboriginal October, Circle announced a strategical partnership with Coins.ph, a large cryptocurrency speech and integer wallet supplier successful the Philippines.

Taiwan whitethorn get the archetypal draught of a new crypto instrumentality by the extremity of November 2023. In September, Taiwan’s Financial Supervisory Commission formulated the cardinal points for regulating Taiwan’s cryptocurrency market, releasing manufacture guidelines for virtual plus work providers operating successful the country.

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