Cryptocurrency exchange Binance has acquired crypto card issuer Swipe for an undisclosed fee. This latest development will help to add more fiat support within the Binance ecosystem.
Swipe Now Owned by Binance
Binance, the leading crypto exchange and one of the largest cryptocurrency companies in the world, announced on Tuesday that it had acquired Swipe, a cryptocurrency payment platform, and a card issuer. The deal was sealed for an undisclosed amount.
Binance confirmed this latest development after several cryptocurrency media houses reported on the possible acquisition last week. Binance further mentioned the partnership between the two companies on the FAQ page of its cryptocurrency card website. However, it later deleted the post.
Following the purchase of Swipe, the two companies will work together to roll out payments and purchases in crypto via traditional financial systems. This will serve as a way to bridge the gap between the cryptocurrency and fiat monetary systems.
Binance is Booming
Binance CEO Changpeng Zhao stated after the announcement that in order to achieve its mission of making cryptocurrencies more accessible to the masses, the company would have to make acquisitions, such as that of Swipe. He added that by allowing users to convert and spend digital currencies directly, and have merchants seamlessly accept fiat and crypto, it would make the cryptocurrency exchange much better for everyone involved. Zhao also went on to say that the Swipe Wallet is unique since it acts as a digital bank account for its users. As a result of this, it provides access to traditional banking services.
Swipe and Cryptos
Swipe, with its headquarters in the Philippines, has other operational offices in Estonia and the U.K., The company is actively present in 31 countries in the European Economic Area (EEA). It offers a cryptocurrency debit card that supports more than 30 cryptocurrencies. The cards by Swipe are issued by Contis Financial Services Ltd, a Visa member that is regulated and authorized by the FCA (Financial Conduct Authority) in the U.K.
Swipe has been making progress in recent months and is already working towards expanding its services to the Asian and the North American markets.
In the early stages of this latest acquisition, Swipe will enable its customers to buy and spend BNB tokens (the native coin of the Binance ecosystem) on its platform using fiat currencies. However, Binance added that the two entities would work to reveal extra plans over the coming months and years.
Joselito Lizarondo, CEO of Swipe, while commenting on the acquisition, stated that their partnership with Binance is excellent due to the world-recognized track record and user base of the cryptocurrency exchange. In addition to that, Lizarondo stated that Binance is known for its constant execution towards progress. These attributes will place Swipe in a position to make digital currencies more accessible to millions of users across the globe, he added.
Binance was founded in 2017 but has quickly risen to become one of the most valuable cryptocurrency companies in the world. The company has been acquiring cryptocurrency exchanges all over the world and has been expanding its reach into other crypto-related services. In a bid to become more fiat friendly, Binance recently partnered with Etana Custody. This partnership will see Binance add support for 15 fiat currency deposits on its cryptocurrency trading platforms.