BitoGroup and Bankee Partner on Crypto-Friendly Bank Accounts

Cryptocurrency exchange BitoGroup and Far Eastern International Bank Bankee have partnered to launch a dedicated “crypto-friendly bank account.”

With this collaboration between the crypto exchange and the financial institution, the companies aim to improve user confidence in transactions and improve the image of crypto, BitoGroup said in a Friday (June 21) press release.

“The Bankee dedicated account can be linked to BitoPro’s exchange account and set up in as little as one hour, significantly enhancing user’s 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 is officially launched.”

This new service integrates the systems and service processes of BitoGroup and Bankee and ensures compliance with regulations and supervisory measures, according to the release.

It focuses on the security of member assets, the stability of the platform and the transaction experience of users, the release said.

BitoGroup and Bankee will also collaborate on additional services to enhance the utilization of both fiat and cryptocurrencies, per 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,” the press release said. “BitoGroup’s founder and CEO, Titan Cheng, has been elected as the first chairman of the VASP Association. The 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 to the crypto-financial system.”

In another recently announced partnership in the digital asset space, Ripple and Archax said on June 13 that they have extended their existing collaboration to bring tokenized real-world assets (RWAs) onto the XRP Ledger (XRPL).

This collaboration brings together Ripple’s enterprise blockchain and crypto solutions and Archax’s capabilities as a U.K. Financial Conduct Authority (FCA)-regulated digital exchange, broker and custodian.

On June 6, Robinhood Markets said it was set to acquire Luxembourg-based global cryptocurrency exchange Bitstamp for $200 million, aiming to accelerate Robinhood Crypto’s expansion worldwide and add institutional offerings.