Crypto companies continue to explore various methods to expand their service offerings. In line with this, US-based stablecoin company Circle has announced a partnership with FamilyMart, Taiwan’s second-largest market chain, and BitoGroup, a crypto exchange operating in Thailand. According to a press release issued by the company on October 26, a new Points-Crypto service will be offered on the FamilyMart app.
Partnership Details Revealed to the Public
Through this partnership, FamilyMart customers will be able to exchange their loyalty points for USDC, a stablecoin issued by Circle. Customers can send their USDC assets corresponding to FamiPoints points to their BitoPro wallets. The partnership is explained in the company’s announcement as follows:
“Converting FamiPoints points to the stablecoin USDC prevents the devaluation of loyalty points over time and allows customers to access crypto currencies without paying any commission fees.”
Circle, the stablecoin company, emphasized the importance Taiwanese citizens attach to loyalty points. The company referred to a report prepared by the Market Intelligence & Consulting Institute (MIC) in 2021 and highlighted that 87% of Taiwanese users accumulate points, and a vast majority of them, around 99%, typically use their points for product refunds.
FamilyMart’s FamiPoints loyalty program in Taiwan has over 17 million members nationwide. BitoGroup, the crypto exchange, has a service network consisting of approximately 800,000 users.
Continued Steps Towards the Crypto Sector
Circle continues its partnership efforts worldwide, and this is not the company’s first partnership. In early October, Circle announced a strategic partnership with Coins.ph, a crypto exchange and wallet provider operating in the Philippines. Under this partnership, Filipino users were encouraged to conduct international money transfers using USDC, a cheaper and more convenient method.
Taiwan may announce the first draft of a crypto law to the public by the end of November 2023. In September, the Financial Supervisory Commission (FSC) of Taiwan published industry guidelines, formulating key points to regulate the crypto market nationwide for Virtual Asset Service Providers (VASPs) operating in the country.
