Leading cryptocurrency exchange, Binance has announced the complete acquisition of London-based crypto card issuer Swipe.
According to the announcement, both companies would earnestly work together to bring crypto payments and purchases through traditional financial systems, invariably bridging the gap between fiat and crypto.
Binance CEO, Changpeng “CZ” Zhao, in his statement expressed happiness with the new acquisition, noting this was part of Binance move to achieve its mission of making crypto more accessible to the masses.
“Off-ramps are a key component to achieving our mission. 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.
Swipe Wallet unique acts as digital bank
According to Changpeng Zhao, the Swipe Wallet alone is unique and acts as a digital bank account for its users, providing access to traditional banking services.
The new acquisition enables Swipe users to buy cryptocurrencies from within the app and the debit cards automatically convert stored cryptocurrency into fiat currency, using the Visa payment network.
The crypto card issuer Swipe is currently available in 31 countries, mostly in the European Union, and currently supports transactions in major fiat currencies, including the US dollar, euros, and pound sterling.
Joselito Lizarondo, CEO of Swipe said, “Partnering with Binance, given their world-recognized track record and user base, alongside a team that constantly executes, will place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide.”
Binance lists Swipe SXP token
Notably, with the new acquisition crypto exchange, Binance is also listing Swipe’s SXP token on its platform and will also open trading for SXP/BTC (bitcoin), SXP/BNB (Binance coin) and SXP/BUSD (Binance USD stablecoin) pairs.
It’s worth noting that Binance also owns a portion of SXP from the new acquisition. The exchange pointed out that the “vast majority” of the SXP tokens are locked over a multi-year period.
Binance acquisition of crypto card issuer Swipe makes it the second major take over in 2020 after it earlier acquired CoinMarketCap. Also, the exchange has previously acquired other crypto-related firms, including, WazirX, Trust Wallet, and blockchain data startup DappReview, amongst several others.