USDC Issuer Circle Partners with FamilyMart and BitoGroup to Introduce Points-to-Crypto Service in Taiwan

USDC Issuer Circle Partners with FamilyMart and BitoGroup to Introduce Points-to-Crypto Service in TaiwanCircle, the stablecoin issuer behind USDC, has announced a partnership with FamilyMart, Taiwan's second-largest convenience store chain, and local crypto exchange BitoGroup. 

Circle announced intentions to launch a "Points-to-Crypto" service via the FamilyMart app in a press release on October 26.

Customers of FamilyMart will be able to exchange their loyalty points into Circle's USDC, a stablecoin pegged to the US dollar. 

The corresponding value of FamiPoints can then be withdrawn without incurring transaction fees to users' BitoPro wallets.Circle emphasizes that this approach democratizes access to cryptocurrencies and avoids the value of loyalty points from depreciating over time.

Raagulan Pathy, Vice President of Asia Pacific for Circle, said:“We aim to empower the Taiwanese community to participate in the digital economy seamlessly and support Taiwan’s stance in embracing digital fintech innovations.”

FamiPoints, FamilyMart's loyalty programme, has approximately 17 million members countrywide, whereas BitoGroup has around 800,000 participants.

Source : Yahoo crypto / October 27, 2023