- A report indicates that Binance is on the verge of completing a deal to purchase a majority stake in the startup Swipe.
- There is speculation that the purchase is part of Binance’s preparations for the launch of its crypto payment card program.
According to a report by The Block, crypto exchange Binance is working on the final details of a deal with the startup Swipe. The exchange is looking to buy the majority of the startup’s shares, as part of preparations for the launch of its crypto payment card program. An official announcement is expected later this week.
According to its website, Swipe is offering a VISA card that supports Bitcoin and other cryptocurrencies. The card allows cryptocurrencies to be converted into instant cash. The card is accepted by 50 million merchants globally and even allows for ATM withdrawals. Additionally, the Swipe card offers 1% to 4% returns on purchases, paid for in Bitcoin, for all purchases made. The card is issued by the company Contis Financial Services LTD.
What is the Binance Card program?
As reported by CNF, Binance announced the launch of its card at the end of March 2020. The Binance Card, according to the announcement, is designed to facilitate and expand the payment options of its users. According to the announcement, the Binance Card has the functionality of a traditional debit card, but in this case it will be linked to the user’s account at the exchange.
To utilize it, the user only has to recharge the Binance Card with funds through the Binance Card app. The recharge funds will be available in Bitcoin (BTC) and in the exchange’s token, BNB. All payments made with the card will simply be subtracted from the balance.
Right now the Binance card is only available in its Beta version, without an official launch date. The acquisition of Swipe could accelerate the product launch and increase the number of tokens and cryptocurrencies available, in addition to BNB. At the time of its announcement, Binance stated:
(…) we aim to make it available globally to all new and existing Binance users within the next few weeks. We will initially release the card in Malaysia, then follow with Vietnam, and add more countries as we move forward.