Source: Yahoo Finance
BitoGroup has announced its partnership with Far Eastern International Bank 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, becoming the first cryptocurrency exchange to form an alliance with financial institutions.
This partnership promotes 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 change 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
This service was achieved by integrating the systems and service processes of the two companies, while ensuring compliance with regulations and supervisory measures and prioritising user’s experience.
“BitoGroup place great emphasis on the security of member assets, platform stability, and user transaction experience. Since the initial pilot phase, we have received positive feedback from the community. The 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.”
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, all contribute to expanding the existing ecosystem.
“BitoGroup partners with Far Eastern International Bank to launch first crypto-friendly bank account” was originally created and published by Retail Banker International, a GlobalData owned brand.
