Binance announced the acquisition of an undisclosed Issuer Swipe cryptocurrency card, noting that its purchase will help make cryptocurrency part of the mainstream, increasing cryptography distribution. According to the announcement, both companies will work together to make crypto payments and purchases through traditional financial systems, invariably bridging the gap between fiat and digital assets
Binance CEO Changpen Zhao in his statement expressed satisfaction with the new acquisition, noting that this was part of Binance’s move to make its mission of making cryptocurrencies more accessible to the masses
“By giving users the ability to directly convert and spend cryptocurrencies, and merchants still accept fiat unhindered, this will make the cryptographic experience much better for everyone,” he said. According to Changpen Zhao, Swipe Wallet itself is unique and acts as a digital banking accounts for its users, providing access to traditional banking services.
The new acquisition allows Swipe users to buy cryptocurrencies from the application, and debit cards automatically convert stored cryptocurrencies to the specified currency using the Visa payment network. Currently, Swipe cryptocurrency issuer is available in 31 countries, mainly in the European Union, and currently supports transactions in major paper currencies, including the US dollar, euro and pounds sterling.
Jocelito Lizarondo, CEO of Swipe, said: “Partnership with Binance, given their globally recognized track record and user base, together with a team that is constantly working, will enable Swipe to make cryptocurrencies more accessible to millions of users around the world.”
It is noteworthy that with the new acquisition, Binance will also place the SwX SXP token on its platform, as well as open trading in the SXP/BTC, SXP/BUSD and SXP/BNB pairs. It is worth noting that Binance also owns part of the SXP from the new acquisition.
The exchange indicated that the “vast majority” of SXP tokens has been blocked for many years. The acquisition of Binance from the issuer of Swipe crypto cards makes it the second largest purchase of the exchange in 2020 after it previously acquired CoinMarketCap. In addition, the exchange previously acquired other companies related to cryptocurrencies, including WazirX, Trust Wallet and DappReview, as well as DachReview for creating blockchain data.