Circle Internet Financial, the company behind $USDC, is kicking off a revamped Points-to-Crypto service with FamilyMart and BitoGroup, a cryptocurrency platform.
Circle’s recent service aims to simplify the conversion of FamilyMart loyalty points into digital currencies like $USDC, with an easy withdrawal process to BitoPro wallets.
The tech company said in an X post and an official post Their official site mentions potential for $USDC to transform everyday life, improve digital currency use in practical scenarios, and support a more inclusive financial world.
More Uses Coming for Circle
Circle highlighted Taiwan's interest in loyalty points, taking notes from a Market Intelligence & Consulting Institute (MIC) report.
According to a 2021 study, 87% of consumers in Taiwan are actively collecting loyalty points, with an impressive 99% using these points for obtaining products.
Circle's VP for Asia Pacific, Raagulan Pathy, expressed enthusiasm about this new deal. The objective is to allow seamless digital economy participation, resonating with Taiwan's fintech-friendly environment.
Titian Cheng, CEO of BitoGroup, reiterated the firm's goal to assist in moving from Web2 to Web3.
Web3 is Here!
Cheng believes the partnership will enable users to enjoy the flexibility of the Points-to-Crypto service while expanding the USDC network and reinforcing Web3 infrastructure in Taiwan.
Donghao Liu from Taiwan FamilyMart highlights their dedication to offering utmost convenience to members.
FamilyMart’s FamiPoints initiative has drawn over 17 million members nationwide. BitoGroup's user base is around 800,000 strong.
This initiative arises as Taiwan’s government is nearing the release of new cryptocurrency laws expected by November 2023. September saw regulatory steps by Taiwan’s Financial Supervisory Commission to structure the domestic crypto scene.
Concurrent to this, comprehensive guidelines were established for those offering virtual asset services within Taiwan, marking a pivotal shift in crypto regulations.
Stablecoin ambitions reach across boundaries, turning their concentration toward Asia.
Despite the hurdles back home, Circle continues its global reach, now setting sights on expanding further into Asia.
Circle just launched a Web3 wallet service in August, aiming to give businesses digital asset transaction capabilities. This allows developers and users alike to manage and exchange digital assets including $USDC and NFTs.
Currently, the product is in beta mode and works with networks like Ethereum, Avalanche, and Polygon. Plans are afoot to add more blockchain network support soon.
Circle has recently tied up with Singapore's tech giant, Grab, offering Web3 services to over 180 million users, which includes blockchain-enabled wallets and rewards.
Earlier in the month, Circle collaborated with Coins.ph from the Philippines, a crypto exchange, aiming to lower cross-border transaction costs and expand USDC's footprint locally.
Circle also mentioned that Grab's Web3 wallet made SG Pitstop Pack NFT vouchers available in key Singaporean stores during the F1 Grand Prix, underlining how Web2 firms are embracing blockchain.
