Binance completes Swipe acquisition

Binance has announced the completion of the process of acquiring a majority of shares in the startup Swipe. Swipe and Binance have listed each other’s token, SXP and BNB.

Binance and Swipe to boost crypto adoption

As reported by CNF, the main rumor is that Binance acquired Swipe to accelerate the development of its credit card program. Swipe offers its customers a VISA card that supports Bitcoin and other cryptocurrencies. By using the card, users can convert them into instant cash for the benefit of the user. The card is accepted by 50 million merchants globally and even allows for ATM withdrawals.

According to an announcement by Binance, the companies aim to boost the adoption of cryptocurrencies. To achieve this, Binance and Swipe will try to bridge the gap between Fiat money and digital assets. In particular, the collaboration will aim to make it easier for their users to purchase cryptocurrencies.

As a bonus, the Swipe card offers a 1-4% return on purchases paid with Bitcoin. It is currently compatible with Apple Pay, Google Pay and Samsung Pay, and the card is issued by Contis Financial Services LTD. The publication states the following:

Swipe CEO Joselito Lizarondo said that cooperation will continue to drive adoption and also the union between cryptocurrencies and transactions made on a fiat money basis:

Partnering with Binance (…) will place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide.

On the other hand, the Swipe platform currently supports a wide range of digital assets that enable them to remain in their native form until a point-of-sale/transaction occurs. The selected digital asset is then converted to fiat currencies passed through the Visa payment rails, making cryptocurrencies instantly spendable in more than 50 million locations around the world.

Author : Reynaldo