Blue New Technology, a major third-party payment service provider, has announced a strategic partnership with the BitoGroup to launch a new online cryptocurrency payment solution named BitoPay. This initiative aims to bridge the gap between mainstream digital assets and everyday online transactions, enabling merchants to accept payments in popular cryptocurrencies effortlessly.
The company’s subsidiary, Blue New Gold Flow, reported handling approximately NT$90 billion in transaction volume last year and is targeting to exceed NT$100 billion in 2024. Blue New Technology’s General Manager, Zhong Xingbo, confirmed that the firm achieved record revenue in the previous year with modest profitability and continues to show strong double-digit growth in Q1 of this year.
Expanding Payment Options with Cryptocurrency
BitoPay allows consumers to pay using Bitcoin, Ethereum, or Tether—three of the most widely recognized cryptocurrencies. During checkout, the system displays real-time exchange rates, converting the selected cryptocurrency into New Taiwan Dollars upon transaction completion. This seamless process helps merchants avoid the technical and regulatory hurdles of handling digital assets directly.
Zhong Xingbo emphasized that cryptocurrency is increasingly viewed not only as an investment but also as a viable medium for daily transactions. Adopting crypto payments opens up new business opportunities and aligns with global financial trends, where digital currency payments are already commonplace in many developed countries.
Strategic Growth and Future Plans
Blue New Technology is actively enhancing its platform’s capabilities, integrating more payment channels, and improving system reliability. The firm, which currently has a registered capital of NT$750 million, is planning to go public on the emerging stock market by the end of this year. Major shareholders include Zhi Guan, holding 51% of shares, and Quan Da, with a 30% stake.
Zhong also highlighted the company’s roadmap toward an Initial Public Offering (IPO), targeting a listing within the next one to two years. This growth strategy involves expanding service offerings and strengthening internal management processes.
Why Cryptocurrency Payments Matter
Embracing cryptocurrency payments allows businesses to reach a broader, tech-savvy customer base and reduces barriers associated with cross-border transactions. For consumers, it offers more flexibility and the ability to utilize digital assets in practical scenarios. However, many merchants in Taiwan remain hesitant due to complexities involving account setup, system integration, and compliance.
Through its collaboration with BitoGroup, Blue New Technology aims to simplify these processes, offering a turnkey solution that handles conversion, settlement, and risk management. 👉 Explore advanced payment solutions
Frequently Asked Questions
What is BitoPay?
BitoPay is an online payment service developed by Blue New Technology in partnership with BitoGroup. It enables e-commerce businesses to accept payments in Bitcoin, Ethereum, and Tether, which are instantly converted into New Taiwan Dollars.
How does BitoPay benefit merchants?
It eliminates the need for merchants to directly handle cryptocurrencies, reducing exposure to volatility and regulatory complexity. The system manages real-time conversion and settlement, making it easier to incorporate crypto payments.
Is BitoPay available to all businesses in Taiwan?
While the service is designed for broad adoption, businesses must integrate through Blue New Gold Flow’s platform. The company is currently onboarding interested merchants seeking to offer cryptocurrency payment options.
What are the transaction fees?
Fee details have not been publicly disclosed. Businesses interested in using BitoPay should contact Blue New Technology directly for pricing based on transaction volume and service requirements.
How does this affect Blue New’s IPO plans?
The introduction of innovative services like BitoPay supports Blue New’s growth strategy and could enhance its valuation ahead of its anticipated emerging market listing and future IPO.
Are cryptocurrency payments secure?
Yes. The system uses established encryption and compliance protocols to ensure that all transactions are secure and efficiently processed.