Binance, the world’s biggest crypto exchange, revealed Thursday that it will gain the excess extraordinary shares of Swipe, a prominent crypto Visa card supplier. As a result, users of Binance will obtain the ability to spend their coins in more than 70 million areas worldwide.
On July 6, 2020, Binance initially reported acquiring a larger part stake in Swipe, expressing that the new collaboration would help advance cryptocurrency adoption by spanning fiat and digital resources. In addition, Binance’s securing of Swipe will permit it to contend with other retail crypto suppliers like PayPal and Mastercard that give comparable digital currency-related services.
The card issuing platform will become Binance’s crucial purchase, as the platform allows users to spend cryptocurrencies worldwide.
“Binance and Swipe work with regulated and licensed entities to issue Visa cards, with Swipe acting as Binance’s card program manager and technology platform. Swipe also works with strategic partners to issue cards in permitted regions and markets,” the exchange noted in a statement.
Swipe’s current CEO, Joselito Lizarondo, will step down once the acquisition is finalized, Binance confirmed.
According to the news, Swipe has been identified as Binance’s card program manager and technological platform. Swipe also collaborates with essential partners to issue cards in authorized zones and markets.
Despite regulatory controversy in 2021, Binance hasn’t stopped the company from growing its presence through new acquisitions and expanding its services to new markets. More recently, the crypto exchange was approved for an in-principle license by Bahrain’s central bank to operate as a crypto asset service provider and a cryptocurrency financing license in Canada as Binance Canada Capital Market.
In November, Binance CEO Changpeng Zhao revealed in a conversation with French Minister Cédric O that the exchange is establishing a $115 million initiative to increase blockchain and crypto technology across France and Europe. Also, the crypto exchange recently partnered with the Dubai World Trade Center to help the region develop into a global crypto trading center.