Bitcoin buying service, BitoEx, has reportedly partnered with Hong Kong-based bitcoin exchange KBBEX to bring bitcoin to over 5,000 convenience stores in Taiwan.
KBBEX supports 11 fiats for trading: USD, CNH (offshore CNY), EUR, HKD, GBP, AUD, CAD, CHF, JPY, SGD and NZD. It claims to offer no-fee trading, and plans on adding p2p lending, savings and futures trading offerings in the future – like some of its larger Chinese counterparts.
The partnership will allow Taiwanese shoppers to buy bitcoin with Taiwan dollars (TWD) in FamilyMart, OK Mart and Hi-Life stores. Liquidity will be accessed through KBBEX’s order book, which happens not to support TWD.
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It is hoped that greater access to bitcoin will help it gain higher penetration in the country. Said Patrick Lam, CEO at KBBEX:
“Bitcoins global markets have entered into a brand new financial era. Bitcoin-related financial tools and its derivatives have attracted billions of investment funds from Wall Street and Silicon Valley.”
He continued, however, that the existing OTC markets have been insufficient to satisfy demand, hence the partnership with an exchange.
Liquidity will be further enhanced upon KBBEX’s planned expansion to China and its addition of an onshore CNY offering.