Circle (USDC) partners with Taiwan’s second-largest chain store and Crypto exchange

USDC stablecoin issuer announced its new partnership with giant Taiwanese players.

Circle is the backend firm behind USDC stablecoin which maintains all the financial operations behind this stablecoin. In the middle of this year, several other dominant players distanced their hands from the USDC’s financial operations to allow Circle to work independently with more confidence to comply with the financial regulators. Currently, Circle is highly regulated in the US jurisdiction where the crypto sector is fully unregulated.

On 26 Oct 2023, Circle announced its partnership with Taiwan’s cryptocurrency market leader BitoGroup, and Taiwan FamilyMart, the nation’s second-largest convenience store chain.

Under this partnership, these three players will expand the utility of store loyalty programs called ‘loyalty points economy. 

The key benefit will mainly go for the Taiwan FamilyMart App and the BitoGroup Exchange, through which the customers will get Points-to-Crypto service. 

Raagulan Pathy, Vice President of Asia Pacific for Circle, shared his happiness ahead of this high-level partnership in the Taiwanese crypto market with the dominant player. 

Circle’s vice president said that Circle is excited to partner with BitoGroup and Taiwan FamilyMart because it will help Circle to catch Taiwan’s crypto market more closely.

Furthermore, he said that with the help of the Point-To-Crypto service, Circle will provide a better opportunity for the Taiwanese population to participate in the crypto sector.

Titan Cheng, the CEO of BitoGroup, also talked about this partnership and said that it will help the company’s vision to change the Web2 era to Web3 for the public as well as for businesses.

Donghao Liu, Director of the Digital Finance Department, Taiwan FamilyMart, said that under the partnership with these two top companies, FamilyMark focussed on bringing more flexibility to customer service. 

Notably in Q1 to Q2 of this year, Circle officials faced huge panic as the US financial regulators were taking blind enforcement actions against crypto companies despite the companies being compliant with the rules & laws. 

Following this new partnership, some people claimed that such a partnership by Circle shows that they are trying to diversify their business.

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