Global fintech firm Circle, known for issuing the dollar-pegged USDC stablecoin, has partnered with crypto exchange BitoGroup and convenience store chain Taiwan FamilyMart to launch a new service called “Points-to-Crypto.” This collaboration will allow users in Taiwan to convert their FamilyMart loyalty points into cryptocurrencies like USDC.
The introduction of this service is aimed at enabling the Taiwanese community to seamlessly participate in the digital economy, according to Raagulan Pathy, the VP of Asia Pacific for Circle.
Taiwan’s High Density of Convenience Stores
According to a report by the Market Intelligence & Consulting Institute (MIC), Taiwan is one of the nations with the highest densities of convenience stores. The report, conducted in 2021, revealed that 87% of users engage in points accumulation, with 99% of them frequently utilizing these points for product redemptions.
This data highlights the popularity of loyalty point systems in Taiwan, making it an ideal market for the Points-to-Crypto service.
Collaboration Details
The strategic collaboration between Circle, BitoGroup, and Taiwan FamilyMart aims to expand the USDC ecosystem and build a robust Web3 infrastructure in Taiwan. BitoGroup currently has a membership base of nearly 800,000 and holds a dominant market share of close to 90% in Taiwan.
Through the collaboration, customers can convert their desired amount of FamilyMart loyalty points into their preferred digital currency by using the Taiwan FamilyMart App and providing their BitoPro account details.
This service not only allows for the conversion of loyalty points to cryptocurrencies but also ensures there are no transaction fees involved and prevents the loss of value in loyalty points.
“Through our strategic collaboration with Circle and FamilyMart, we aspire to expand the USDC ecosystem and build a robust Web3 infrastructure in Taiwan,” said Titan Cheng, the founder and CEO of BitoGroup.
This collaboration follows Circle’s recent strategic partnership announcement with Coins.ph, a major crypto exchange and digital wallet provider based in the Philippines.
