TAIPEI, June 21, 2024 /PRNewswire/ -- BitoGroup, the
leading cryptocurrency market leader in Taiwan, today announced its partnership with
Far Eastern International Bank Bankee to launch the world's first
dedicated crypto-friendly bank account. As
cryptocurrency adoption by international institutions
continues to grow, BitoGroup began serving financial institutions
two years ago, setting a precedent as the first
cryptocurrency exchange to form an alliance with
financial institutions. This partnership promotes seamless
integration between traditional banks and third-party payment
processors. It represents a significant breakthrough for the
financial market and has sparked considerable interest within
Taiwan's financial sectors. By
collaborating with large institutions, BitoGroup aims to strengthen
the cryptocurrency ecosystem and plays a crucial role
in driving innovation in financial technology.
The world's first dedicated bank account for
cryptocurrency users is the result of three years of
research and effort by BitoGroup and Bankee. This innovative
service was achieved by integrating the systems and service
processes of the two companies, while ensuring compliance with
regulations and supervisory measures, and prioritizing user's
experience.
"Both BitoGroup and Bankee place great emphasis on the security
of member assets, platform stability, and user transaction
experience," said Titan Cheng, Founder and CEO of BitoGroup.,
"Since the initial pilot phase, we have received positive feedback
from the community. The Bankee dedicated account can be linked to
BitoPro's exchange account and set up in as little as one hour,
significantly enhancing user's convenience. During the pilot phase,
the average daily transaction amount per user increased by 25%.
With over one million members in Taiwan, we expect explosive growth once the
service is officially launched.
Cheng emphasized that the cryptocurrency community
is excited about the collaboration between exchanges and
traditional financial institutions. This collaboration will
positively improve user confidence in transactions and reverse the
negative image of cryptocurrency scams. In the future,
BitoGroup will join forces with Bankee to introduce more services,
enriching the flexibility of utilizing both fiat and
cryptocurrencies.
BitoPro has also partnered with Taiwan's largest third-party payment
processors, Neweb Technologies, to launch "BitoPay", enabling
300,000 merchants and millions of members to use
cryptocurrency for payments, making "BitoPay" the most
widely accepted crypto payment solution in
Taiwan.
BitoGroup believes that partnering with large institutions to
integrate cryptocurrency use into existing operational
systems is not only the best way to promote
cryptocurrency usage but also fosters innovation.
Initiatives such as exchanging convenience store loyalty points for
digital currency, enabling cryptocurrency payments
through e-commerce third-party payment services, and the recent
launch of crypto-friendly accounts with Bankee, all
contribute to expanding the existing ecosystem. BitoGroup's robust
blockchain infrastructure, combined with a focus on optimizing
service processes through technology, will create a win-win
situation for institutions, exchanges, and users.
Taiwan's
cryptocurrency industry has officially entered a new
era of regulation with the establishment of the Virtual Asset
Service Provider (VASP) Association. BitoGroup's founder and CEO,
Titan Cheng, has been elected as the first Chairman of the VASP
Association. This close cooperation between
cryptocurrency and traditional financial institutions
will help strengthen the trust of regulatory authorities and
financial institutions in the cryptocurrency industry,
laying a solid foundation for the crypto-financial
system.
About BitoGroup
Founded in 2014, BitoGroup aims to use blockchain technology to
achieve the goal of inclusive finance, including assisting
companies and consumers to enter the new era of Web3. The
businesses of the group include BitoPro (a
cryptocurrency exchange), BELS (an NFT empowerment
platform), and O2 META (a metaverse-focused social media
platform).
View original
content:https://www.prnewswire.com/news-releases/taiwans-leading-crypto-market-leader-bitogroup-partners-with-digital-bank-to-launch-worlds-first-crypto-friendly-bank-account-302178871.html
SOURCE BitoGroup