Taiwanese exchange BitoPro will launch a bank account with support for cryptocurrencies

What’s new? Taiwanese crypto exchange operator BitoPro is set to launch the world’s first bank account with support for digital assets in partnership with private institution Far Eastern International Bank. The project aims to achieve seamless integration of traditional banks with third-party payment systems.

Press release

What else is known? BitoGroup started serving financial institutions as early as two years ago. As cryptocurrencies continue to grow in popularity among institutionalized institutions, BitoGroup aims to strengthen the digital asset ecosystem and play a key role in promoting fintech innovation with the launch of the new project, a press release says.

The parties have been exploring the possibility of creating a cryptocurrency bank account for three years. The new product will offer a simple and user-friendly interface for users and will comply with all regulatory and supervisory standards.

Already, a separate Far Eastern International Bank account can be linked to a BitoPro exchange account. During the pilot, the daily amount of exchange transactions per user increased by 25%.

Given that there are over one million crypto users in Taiwan, the exchange expects a rapid increase in activity after the official launch of the service.

BitoPro also partners with Taiwan’s largest payment system Neweb Technologies to operate BitoPay, which is used by 300 000 merchants and millions of buyers, making it the most widely used crypto payment service in the country.

Founded in 2014, BitoGroup includes the BitoPro exchange, NFT platform BELS, and metaverse-oriented social network O2 META.

The press release notes that Taiwan’s crypto industry has officially entered a new era of regulation with the establishment of the Virtual Asset Service Providers Association (VASP). BitoGroup founder and CEO Titan Cheng was elected as the first chairman of the VASP Association.

“This close cooperation between cryptocurrency and traditional financial institutions will help strengthen the trust of regulatory authorities and financial institutions in the cryptocurrency industry, laying a solid foundation for the crypto-financial system,” BitoGroup concluded.

Earlier, Tether, which issues USDT, the largest USDT stablecoin by capitalization, announced the launch of blockchain courses for Taiwanese students in conjunction with the National Taipei University of Technology.