Binance acquires Card Issuer Swipe

The world’s largest cryptocurrency exchange, Binance, announced the acquisition of debit card issuer Swipe.

As indicated by the company through a statement, this purchase will serve the company to drive the large-scale adoption of payments with cryptocurrencies.

“To achieve our mission of making cryptocurrencies more accessible to the masses, exit ramps are a key component. Providing users with the ability to convert and spend cryptocurrencies directly, and for merchants to continue to accept money fiat will make the cryptocurrency experience much better for everyone,” said Changpeng Zhao, CEO of Binance.

This process not only included Swipe, but also the native token of the platform was included in the final purchase. It is currently for trading with the SXP/BTC, SXP/BNB and SXP/BUSD pairs.

The deal also includes the acquisition of a certain number of SXP tokens by Binance, most of which will be blocked for several years. In addition, Swipe has also included BNB, Binance’s native cryptocurrency, on its platform, allowing its users to buy and sell the currency with their linked bank accounts, and making BNB spend with fiat money via debit card, Swipe Visa.

K. Tovar

Source: iHold