On Tuesday, the 7th of June 2020, the global digital exchange giant, Binance married commerce with cryptocurrency by acquiring Swipe, a leading multi-asset digital application. Swipe offers users an avenue to trade, convert and expend cryptocurrencies via its digital wallet and Visa debit Card platform.
This acquisition will help to promote the use of cryptocurrencies and other digital assets to the masses. It will also make payments and purchases with the use of digital assets to become more attractive to conventional financial systems, the world over, as the arrangement is not in any way to sideline fiat currencies, but to bridge the gap between the use of fiat currencies and cryptocurrencies.
Chang Peng Zhao, the Binance CEO, stated that:
“To achieve our mission of making crypto more accessible to the masses, off-ramps are a key component as well. By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone,”
He continued that:
“Swipe’s exceptional team has made great strides in furthering this mission and has been instrumental in the industry for bridging the gap between commerce and crypto. The Swipe Wallet alone is unique which acts as a digital bank account for its users, providing access to traditional banking services. We are thrilled to work with a team that shares the same core values and looking forward to our larger efforts ahead.”
The monetary value of the acquisition was not announced.
Joselito Lizarondo, Swipe CEO, revealed that:
“Swipe’s goal is to further synchronize crypto with fiat currency-based transactions…Partnering with Binance, given their world-recognized track record and user base, alongside a team that constantly executes, will place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide. We are excited to work with Binance to continue innovating in this crypto-banking space to further build towards mass adoption on our current and future product lines.”
While the companies revealed that the future plans of the acquisition will be disclosed much later, Swipe has listed BNB, giving its users the benefit of trading BNB with their traditional bank accounts which has to be linked to their wallets. This is done via Swift wire transfers and Single Euro Payments Area (SEPA).
The result of this is that, BNB can now be spent with fiat currency in 50 million plus locations worldwide through the Swipe Visa Debit Card.
What is more, when buying Bitcoin, Card holders can now enjoy 4% cashback plus other pecks when using SXP on the Swipe platform.
Where ever you are in the 31 countries where Swipe is available, all you have to do is push buttons on your phone and swipe your card, and BOOM! You get to convert your cryptocurrencies to fiat currency via the Visa payment rails.
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