By: Isha Das
Circle, the U.S-based stablecoin issuer, has collaborated with Taiwan's largest crypto service provider BitoGroup and second-largest convenience store chain, Taiwan FamilyMart to launch a program that enables customers to convert their loyalty points into cryptocurrencies. With the new 'Points-to-Crypto' program, customers can transform their FamilyMart FamiPoints into the Circle-issued USD Coin (USDC), which keeps the loyalty points value intact and does not require transaction fees.
FamilyMart's FamiPoints have already been able to attract over 17 million members across the nation while BitoGroup reports a membership base close to 800,000 users. Taiwan, known for its high density of convenience stores, greatly values loyalty points, hence the initiative is expected to receive a warm response. The partnership aims at broadening the utility of loyalty points, enhancing their value, and introducing the Taiwanese market to the digital economy.
This strategic initiative aligns well with Circle's broader agenda of integrating its Web 3 services into leading global apps and working with major consumer internet brands and financial institutions in the Asian markets. It mirrors Circle's previous strategic approaches, including the integration of its Web 3 platform into Grab, a dominant app in Southeast Asia.
The new partnership transitions from physical convenience stores to online experiences, supporting access to innovative financial tools and promoting Taiwan's position as a leader in the digital economy. This innovative move plays an essential role in democratizing access to cryptocurrencies.
© BlockBriefly. All Rights Reserved.