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).
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