Leading cryptocurrency exchange, Binance has announced the acquisition of debit card provider Swipe for an undisclosed amount. The recent announcement follows in a series of acquisition by the exchange giant as it continues its relentless pursuit of bolstering the array of services provided in the crypto space.
Swipe acquisition to help boost crypto adoption
The acquisition was made public by Binance CEO, Changpeng Zhao (CZ), via a tweet stating that he was excited about testing the Binance card. According to CZ, the debit card is in beta testing and once its completely launch it will feature 100% crypto transactions. Swipe confirmed the deal quoting CZ’s tweet and affirming that the transactions will be powered by their app.
— Swipe (@SwipeWallet) July 10, 2020
This latest acquisition by Binance will come as a welcome gift to the crypto community as the exchange giant will combine the capabilities of both platforms to deliver more holistic services. Swipe.io is a crypto wallet that enables direct crypto purchases via a Visa debit card. Swipe users can conveniently make purchases directly through the mobile phone app as the wallet automatically converts cryptocurrency into fiat currency. It then uses the fiat currency balances to make payments over the Visa payment network.
The deal is also set to expand Binance’s reach across the globe as Swipe is currently available in 31 nations. The Swipe.io app is especially prevalent in the European Union which serves as an avenue for Binance’s expansion across that market. Moreover, the app supports multiple fiat currencies including the US Dollar, Euro and Pound Sterling. This makes the acquisition even more strategic as Binance’s focus recently has been adding more fiat gateways allover the world as in line with their agenda of boosting crypto adoption globally.
Following the completion of the deal, Swipe has listed Binance’s BNB token providing users with an additional payment method on the platform.
Binance realizes crypto card dream
Completion of the deal is a timely fruition of Binance’s dream that has been in the works for months now. In April 2020, Binance announced the introduction of a debit card that would allow users to make payments with cryptocurrencies anywhere across the globe. The leading exchange outlined a plan to link users Binance account to a debit card that would enable automatic conversions of crytpocurrencies into fiat currencies. This recent development is therefore a culmination of Binance’s efforts to make crypto payments in the real world effortless thanks to Swipe’s underlying technology.
Image courtesy of Swipe.io