Taiwan’s BitoGroup partners with digital bank to launch crypto-friendly bank account

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Taiwanese crypto wallet and exchange service BitoGroup is partnering with Far Eastern International Bank’s internet arm “Bankee” to launch a dedicated crypto-friendly bank account.

The partnership plans to integrate traditional banks and third-party payment processors, BitoGroup said in a news release.

The company said the collaboration’s aim to strengthen the crypto ecosystem and play a crucial role in driving innovation in financial technology has sparked interest in Taiwan’s financial sector.

“During the pilot phase, the average daily transaction amount per user increased by 25%,” said Titan Cheng, founder and CEO of BitoGroup. “With over one million members in Taiwan, we expect explosive growth once the service is officially launched.”

The bank account for crypto users is the result of three years of research and effort by BitoGroup and Bankee, though they did not specify a launch date.

BitoGroup’s crypto exchange, BitoPro, has also partnered with Taiwan’s biggest third-party payment processor, Neweb Technologies, to launch BitoPay, enabling 300,000 merchants and millions of members to use crypto for payments, the news release said.

Earlier this year, BitoGroup collaborated with convenience chain stores including Taiwan FamilyMart in a “points-to-crypto” service that allows 17 million FamilyMart members to convert loyalty points into digital currencies like BTC, ETH, USDC, and USDT.