Popular cryptocurrency trading company Binance has announced the acquisition of Swipe, a London-based crypto debit card services provider.
The news was first reported by the crypto media last week, however, neither Binance nor Swipe confirmed it until now. Binance made the announcement on Tuesday in a press release that was scanty on the deal particulars.
For a long time, Binance has been trying to launch its cryptocurrency payment card but has been unsuccessful, now with the acquisition of an already operational card company, Binance hits the ground running.
According to the announcement, Swipe serves at least 31 countries already most of which are based in the EU with plans to dominate the neighboring markets of Asia as well as North America. This should not be a problem now following the acquisition by Binance.
“The two companies will work together to further mainstream adoption of cryptocurrencies by bridging the gap between fiat and digital assets, notably payments and purchases in cryptocurrency through traditional financial systems,” the release noted.
Following the announcement of the closure of the deal, both companies have listed each other’s native token with Binance including the SXP tokens on the Binance platform and Swipe adding BNB coin to its list of over 30 supported cryptocurrencies including the major coins and stablecoins.
Through these assets, Swipe users can spend their cryptocurrencies anywhere Visa cards are supported across the world currently over 50 million merchants.
Additionally, Swipe provides a 4% bitcoin cashback for transactions in the native SXP tokens, a feature that could easily now include the BNB coin as well.
In a statement, Zhao reiterated Binance’s mission of bringing crypto to the masses and how acquiring Swipe aids that mission.
“To achieve our mission of making crypto more accessible to the masses, off-ramps are a key component as well. By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone,” he said. “We are thrilled to work with a team that shares the same core values and looking forward to our larger efforts ahead.”
Swipe CEO Joselito Lizarondo expressed similar sentiments saying that the partnership between his company and Binance:
“will place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide. We are excited to work with Binance to continue innovating in this crypto-banking space to further build towards mass adoption on our current and future product lines.”
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