- Binance has announced the completion of the process of acquiring a majority of shares in the startup Swipe.
- Swipe and Binance have listed each other’s token, SXP and BNB.
The crypto exchange Binance has announced that it has completed the process of acquiring a majority stake in the start-up company Swipe. This confirms the rumors that were spread at the end of June this year. Both Binance and Swipe listed the tokens of the other party, BNB and SXP. Accordingly, Binance announced the start of trading for the SXP/BTC, SXP/BNB and SXP/BUSD pair from July 7th at 14:00 (UTC). The trading platform will allow users to deposit funds in SXP from that date, in preparation.
Binance and Swipe to boost crypto adoption
According to an announcement by Binance, the companies aim to boost the adoption of cryptocurrencies. To achieve this, Binance and Swipe will try to bridge the gap between Fiat money and digital assets. In particular, the collaboration will aim to make it easier for their users to purchase cryptocurrencies.
As reported by CNF, the main rumor is that Binance acquired Swipe to accelerate the development of its credit card program. Swipe offers its customers a VISA card that supports Bitcoin and other cryptocurrencies. By using the card, users can convert them into instant cash for the benefit of the user. The card is accepted by 50 million merchants globally and even allows for ATM withdrawals.
As a bonus, the Swipe card offers a 1-4% return on purchases paid with Bitcoin. It is currently compatible with Apple Pay, Google Pay and Samsung Pay, and the card is issued by Contis Financial Services LTD. The publication states the following:
The Swipe platform currently supports a wide range of digital assets that enable them to remain in their native form until a point-of-sale/transaction occurs. The selected digital asset is then converted to fiat currencies passed through the Visa payment rails, making cryptocurrencies instantly spendable in more than 50 million locations around the world.
On the other hand, Swipe CEO Joselito Lizarondo said that cooperation will continue to drive adoption and also the union between cryptocurrencies and transactions made on a fiat money basis:
Partnering with Binance (…) will place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide.