Japanese bitcoin exchange Bitpoint has been aggressively expanding into the Greater China region. After launching operations in mainland China and Hong Kong, the company announced on Friday its entry into Taiwan through a partnership with a “major commercial bank.”
Expansion into Taiwan
Bitpoint, known for its partnership with Peach Aviation and its promise to introduce bitcoin payments to over 100,000 retail stores across Japan, announced on Friday its expansion into Taiwan by partnering with a “leading commercial bank.” The official statement reads: “We have received full support from Taiwan’s leading commercial bank, and we are pleased to inform you that we will establish a virtual currency exchange, Bitpoint Taiwan.” However, the name of the bank was not disclosed due to a “confidential obligation with the counterparty,” the exchange said.
Citing that “Taiwan has independent monetary policies under a different business practice from mainland China,” Bitpoint noted that the region “is expected to be more active in digital currency trading going forward.” The company added: “With the support of the leading commercial bank in Taiwan, Bitpoint Japan will revitalize the virtual currency market in Taiwan and promote the spread of virtual currency transactions utilizing the global network of this bank.”
Mainland China and Hong Kong
Taiwan is Bitpoint's latest expansion target. Last month, the company announced the launch of a bitcoin exchange in Hong Kong called Bitpoint Global, through a joint venture with Top Wisdom Accounting and Consulting Ltd. The new exchange is expected to start service on July 28. Bitpoint stated at the time: “As Hong Kong is an important base along the settlement route to mainland China, it is expected that virtual currency transactions in Hong Kong will be revitalized in the future.”
Bitpoint's expansion into mainland China began in February through a partnership with Galaxy Dragonfly Investments Co. Ltd, a bitcoin mining company based in Beijing. Under the agreement, Galaxy Dragonfly will provide Bitpoint with a stable supply of bitcoins. “The amount of bitcoin transactions in the Chinese market is overwhelmingly large, and we believe that stable procurement is necessary to prepare for the large scale demand of bitcoins,” Bitpoint detailed at the time.
Bitpoint's move into China came amid its multiple ventures in its home country, which have grown significantly since the Japanese government began recognizing bitcoin in April. In addition to operating a bitcoin exchange, the company is working towards introducing bitcoin payments to over 100,000 retailers in Japan. Furthermore, Bitpoint will start offering its own bitcoin payment system by partnering with Nippon Pay.
The company's aggressive expansion into Greater China underscores its ambition to become a leading virtual currency exchange in Asia, leveraging strategic partnerships and the growing acceptance of digital currencies across the region.