BitoPro and Far Eastern International Bank Bankee Introduce Crypto-Friendly Bank Account
BitoGroup, the parent company of Taiwanese cryptocurrency exchange BitoPro, has entered into a strategic partnership with the local digital bank Far Eastern International Bank Bankee. This collaboration aims to launch a ‘crypto-friendly bank account,’ designed to streamline fiat transactions between BitoPro’s users and traditional banking institutions.
Enhancing Transaction Efficiency
In a recent press release, BitoGroup CEO Titan Cheng announced that the company anticipates a 25% increase in the average daily transaction amount per user with the introduction of the new service. Cheng emphasized the potential for “explosive growth” as the service becomes fully operational and accessible to all customers in Taiwan.
Expansion of Crypto Payment Services
In addition to this banking initiative, BitoPro has partnered with Neweb Technologies, a third-party payment processor based in Taiwan, to launch BitoPay. This new payment service will enable approximately 300,000 merchants across the country to accept cryptocurrency payments, significantly expanding the usability of digital currencies in everyday transactions.
Supporting Crypto Adoption and Education
These developments are part of a broader trend of international cryptocurrency firms bolstering their educational efforts and infrastructure within Taiwan. Earlier in June, Tether, the largest stablecoin issuer by market capitalization, invested $18.75 million in Taipei-based crypto exchange XREX. This investment aims to enhance USDT-based payment applications in emerging markets.
Moreover, Tether has recently partnered with the National Taipei University of Technology to advance blockchain and digital asset education. This collaboration seeks to provide students with comprehensive knowledge and practical skills in blockchain technology, Bitcoin, and stablecoins, preparing them for future opportunities in the digital asset space.
Conclusion
The collaboration between BitoGroup and Far Eastern International Bank Bankee represents a significant step forward in the integration of traditional banking and cryptocurrency services in Taiwan. With the launch of the crypto-friendly bank account and the expansion of crypto payment capabilities through BitoPay, Taiwan is poised to become a more crypto-friendly environment, fostering both adoption and innovation in the financial sector.
