BitoGroup has partnered with Far Eastern International Bank to introduce the world’s first dedicated crypto-friendly bank account to bridge the gap between traditional banking and cryptocurrency services in Taiwan.
The new account created by BitoGroup from three years of research links the two companies’ systems and processes to meet regulatory requirements and excellent user interphase.
Even as investors embrace cryptocurrency, BitoGroup is among the firms that have entered the bandwagon to offer the services. It entered the financial market two years back and has positioned itself as the market leader in forging affiliations with conventional financial organizations.
Titan Cheng, Founder and CEO of BitoGroup, highlighted the positive feedback received during the initial pilot phase. The dedicated account can be linked to BitoPro’s exchange account and set up within an hour, enhancing user convenience.
During the pilot phase, the average daily transaction amount per user increased by 25%. With over one million members in Taiwan, BitoGroup anticipates significant growth upon the official launch of the service.
In addition to the crypto-friendly bank account, BitoPro has partnered with Neweb Technologies to launch BitoPay which enables 300,000 merchants and millions of members to use cryptocurrency for payment in Taiwan.
According to BitoGroup, the adoption of cryptocurrency has to be conducted using existing operating systems and through cooperation with large organizations.
BitoGroup is exploring initiatives that include exchanging convenience store loyalty points for digital currency and enabling cryptocurrency payments through e-commerce third-party payment services.
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