Circle Partners with FamilyMart to Launch ‘Points-to-Crypto’ Loyalty Program
- Circle has partnered with FamilyMart to launch a ‘Points-to-Crypto’ loyalty program.
- The new service allows customers to convert their FamilyMart loyalty points into USD Coin (USDC).
- With over 17 million members enrolled in FamilyMart’s FamiPoints program, this collaboration aims to democratize access to cryptocurrencies.
In an effort to further democratize access to cryptocurrencies, Circle, the issuer of the stablecoin USDC, recently announced a partnership with popular Taiwan-based retail chain, FamilyMart. The partnership, which also includes local cryptocurrency exchange BitoGroup, introduces a new ‘Points-to-Crypto’ service on the FamilyMart app.
A System to Democratize Access to Cryptocurrencies in Taiwan
According to a recent press release, the new service allows FamilyMart customers to exchange their loyalty points, called FamiPoints, for USD Coin (USDC). Users will then have the option to transfer the equivalent value of their FamiPoints to their BitoPro wallets.
“Circle is excited to partner with BitoGroup and Taiwan FamilyMart in championing access to digital currencies in Taiwan. With the introduction of USDC in the ‘Points-to-Crypto’ service, we aim to enable the Taiwanese community to seamlessly participate in the digital economy,” said Raagulan Pathy, Vice President of Asia-Pacific for Circle.
The initiative aims to prevent the depreciation of loyalty points over time and eliminate transaction fees, making cryptocurrencies more accessible to the general public.
This collaboration also comes at a time when Taiwan is considering introducing its first cryptocurrency legislation by the end of November 2023.