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BitoGroup and Bankee Partner on Crypto-Friendly Bank Accounts
Cryptocurrency exchange BitoGroup AND Banker of the Far East International Bank have teamed up to launch a dedicated “crypto-friendly bank account”.
With this collaboration between the cryptocurrency exchange and the financial institution, the companies aim to increase user confidence in transactions and improve the image of cryptocurrencies, BitoGroup said on Friday (June 21) Press release.
“The dedicated Bank account can be linked to the BitoPro exchange account and set up in just an hour, significantly improving user convenience,” Titan Cheng, founder and CEO of BitoGroup, said in the release. “During the pilot phase, the average daily transaction amount per user increased by 25%. With over 1 million members in Taiwan, we expect explosive growth once the service officially launches.”
This new service integrates the systems and service processes of BitoGroup and Bankee and guarantees compliance with the regulations and supervisory measures, the press release reads.
It focuses on the security of members’ assets, platform stability and users’ transaction experience, the statement said.
BitoGroup and Bankee will also collaborate on additional services to improve the use of both fiat currencies and cryptocurrencies, according to the release.
“Taiwan’s cryptocurrency industry has officially entered a new era of regulation with the establishment of the Virtual Asset Service Provider (VASP) Association,” reads the press release. “The founder and CEO of BitoGroup, Titan Cheng, has been elected as the first president of the VASP Association. The close collaboration between cryptocurrency and traditional financial institutions will help strengthen the trust of regulators and financial institutions in the cryptocurrency sector, laying a solid foundation for the crypto-financial system.”
In another recently announced partnership in the digital assets space, Ripple AND Arcace said on June 13 that it had extended existing collaboration to bring tokenized real-world assets (RWA) on XRP Register (XRPL).
This collaboration brings together Ripple’s enterprise blockchain and crypto solutions and Archax’s capabilities as a UK Financial Conduct Authority Digital exchange, broker and custodian regulated by the (FCA).
On June 6th, Robinhood Markets said it plans to acquire Luxembourg-based Global cryptocurrency exchange Bitstamp for $200 million, with the goal of accelerating Robinhood Crypto’s expansion around the world and adding institutional offerings.