BitoPro, a cryptocurrency exchange in Taiwan, has announced a partnership with Far Eastern International Bank Bankee aimed at launching the world’s first dedicated crypto-friendly bank account.
Meanwhile, this move is part of a broader trend of international crypto firms enhancing their educational efforts and infrastructure in Taiwan.
The partnership between BitoGroup, the parent company of BitoPro, and Far Eastern International Bank Bankee has been designed to streamline the process of fiat transactions between the exchange’s customers and banks. According to a press release by BitoGroup, the company expects to increase the average daily transaction amount per user by 25%.
BitoGroup CEO Titan Cheng emphasized the importance of security and user experience in this collaboration. The Bankee dedicated account, which can be linked to BitoPro’s exchange account, can be set up in as little as one hour, significantly enhancing user convenience. During the pilot phase, the average daily transaction amount per user increased by 25%, indicating positive feedback from the community.
Expanding Crypto Payment Solutions in Taiwan
In addition to the partnership with Far Eastern International Bank Bankee, BitoPro has also teamed up with Neweb Technologies, a third-party payment processor in Taiwan. This collaboration aims to launch BitoPay, a payment service that would enable approximately 300,000 merchants across Taiwan to accept crypto payments.
BitoPay is expected to become the most widely accepted crypto payment solution in Taiwan, with over one million members. The service is anticipated to drive explosive growth once it is officially launched, further integrating cryptocurrency into the country’s financial ecosystem.
The partnership between BitoGroup and Far Eastern International Bank Bankee is part of a broader effort to strengthen the cryptocurrency ecosystem in Taiwan. In early June, Tether, the largest stablecoin issuer by market capitalization, invested $18.75 million in Taipei-headquartered crypto exchange XREX to expand use cases for USDT-based payments in emerging markets.
Moreover, Tether also announced a collaboration with the National Taipei University of Technology to bolster blockchain and digital asset education in the region. This partnership aims to equip students with comprehensive knowledge and practical skills in blockchain technology, Bitcoin, and stablecoins.
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