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December 9, 2022
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Binance bought Swipe | Blocksats

The world’s largest cryptocurrency exchange – Binance, has completed another acquisition. This is the second stock exchange transaction this year and both of them seem to indicate that the stock exchange is interested in creating its own cryptocurrency debit card.

In April 2020, Binance acquired the industry’s most popular portal – CoinMarketCap. Now, the stock exchange has announced the acquisition of Swipe, which manufactures Visa cryptocurrency debit cards.

Binance and Swipe have officially announced transaction on July 6. Both companies said the new collaboration would “further promote cryptocurrencies,” by reducing the gap between digital assets and fiat currencies

Binance and Swipe will “work closely together to introduce cryptocurrency debit cards.”

While the official has not been announced that Binance and Swipe will cooperate in issuing the debit card, one of the managers at Swipe claims that this is an important aspect of cooperation. In an email sent to Cointelegraph, Chief Operating Officer Swipe John Khenneth said the two companies would “work closely together to introduce cryptocurrency debit cards in various regions of the world.”

It remains unclear whether the acquisition has anything to do with the Binance card, which was announced in April 2020. Stock Exchange spokesman declined to comment on the possible relationship between Binance Card and Swipe.

“We don’t have any related updates right now.”

Swipe already supports BNB

As part of the acquisition, Swipe introduced the Binance native token, or BNB, to its platform. Thanks to this, users can buy and sell BNB via bank accounts, Swift transfers and Single Euro Payments Area, or SEPA.

Swipe CEO Joselito Lizarondo says the addition of BNB is in line with Binance and Swipe’s mission of promoting global adoption of cryptocurrencies. Lizarondo said:

“Adding BNB to the Swipe platform attracts a huge community of BNB owners who can now use our services to buy, sell and pay with BNB, in euros and other fiat currencies. As a result, our user base will increase. We plan to add other Binance Chain tokens in the future. “

For now, BNB can be bought via SEPA transfer throughout the European Union and Great Britain. This service is not available in the United States because the Swipe cryptocurrency wallet is not yet integrated in the USA. According to information on website project, Swipe plans to make the service available to more regions “after obtaining the appropriate licenses and / or completing the appropriate registration.”

As stated in the official announcement, the Swipe service is currently available in 31 countries of the European Economic Area and was issued by Contis, the main member of Visa Europe and the holder of the British license for electronic money.

As with the acquisition of CoinMarketCap, the amount for which Binance bought Swipe is also not disclosed.

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