July 7, 2020 – leading crypto firm, Binance, officially announced their acquisition of the debit card and versatile digital wallet platform, Swipe. As a result, users may now pay using their cryptocurrencies to purchase items from various stores worldwide. Notably, Swipe is currently available for more than 31 countries, mostly within the European Union. As of the moment, the platform supports transactions made via fiat currencies, which include euros, pound sterling, and US dollar.
This merging of the two noteworthy companies aims to propel further the adoption of cryptos via bridging fiat currencies with digital assets.
To further expound the result of Binance’s acquisition of Swipe, users within the platform will now be enabled to purchase crypto assets via their dedicated application. On the other hand, their debit cards would automatically alter the stored cryptos into fiat by way of the Visa payment network.
The CEO of Binance, Changpeng Zhao –commonly referred to as CZ, admitted that the company has been having trouble implementing their newly established card. He then continued by saying that having Swipe under their wing would surely help them fix these problems and boost their crypto debit card plans.
As a testament to this, both companies have now listed the native tokens of each other. Binance added SXP tokens within their platform as Swipe integrated the Binance Coin (BNB) within theirs. BNB adds to more than 30 different cryptocurrencies, fiat currencies, and stablecoins listed within the Swipe platform.
Lastly, the total value that made the acquisition possible was not disclosed by both parties as of press time.