QUICK TAKE

• Partnership Announcement: BitoGroup collaborates with Far Eastern International Bank’s digital arm, Bankee.
• Service Goals: Aim to integrate traditional banking with third-party payment processors to support the crypto ecosystem.
• Pilot Success: Pilot phase saw a 25% increase in average daily transactions per user.
• Broader Impact: Expected to drive significant growth in Taiwan’s financial sector upon full launch.

Taiwanese crypto wallet and exchange service provider BitoGroup has announced a strategic partnership with Far Eastern International Bank’s digital banking arm, Bankee, to launch a crypto-friendly bank account. This move marks a significant step towards integrating traditional banking services with the burgeoning cryptocurrency market, aiming to enhance the financial technology landscape in Taiwan.

Strengthening the Crypto Ecosystem

BitoGroup and Bankee’s collaboration aims to create a seamless integration between traditional banking and third-party payment processors. This initiative is expected to bolster the crypto ecosystem by providing users with more accessible and versatile financial services. The announcement has garnered significant attention within Taiwan’s financial sector, highlighting the growing interest and potential for innovation in the region.

“During the pilot phase, the average daily transaction amount per user increased by 25%,” stated Titan Cheng, founder and CEO of BitoGroup. “With over one million members in Taiwan, we expect explosive growth once the service is officially launched.”

Three Years in the Making

The launch of this crypto-friendly bank account is the culmination of three years of research and development by BitoGroup and Bankee. Although a specific launch date has not been disclosed, the groundwork laid during this period suggests a comprehensive and robust service is on the horizon.

BitoGroup’s crypto exchange, BitoPro, plays a pivotal role in this initiative. BitoPro has already established a strong presence in the market, and this new bank account is set to further enhance its offerings. By partnering with Taiwan’s largest third-party payment processor, Neweb Technologies, BitoGroup launched BitoPay, a payment gateway that enables 300,000 merchants and millions of users to transact using cryptocurrencies.

Expanding Crypto Utility with BitoPay

BitoPay represents a significant advancement in the utility of cryptocurrencies in everyday transactions. By allowing merchants to accept crypto payments, BitoGroup is fostering a more inclusive financial ecosystem. This service not only benefits crypto enthusiasts but also attracts new users by simplifying the process of using digital currencies for everyday purchases.

Earlier this year, BitoGroup extended its reach by partnering with Taiwan’s popular convenience store chain, FamilyMart. This collaboration introduced a “points-to-crypto” service, enabling 17 million FamilyMart members to convert their loyalty points into various digital currencies, including Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and Tether (USDT). This innovative service bridges the gap between traditional consumer rewards and the digital currency market, making it easier for users to enter the crypto space.