Binance to acquire outstanding shares of crypto visa card issuer Swipe
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Binance, the world’s leading crypto exchange by trading volume announced they would be acquiring remaining outstanding shares of the leading crypto Visa card issuer Swipe. Swipe allows customers to spend their cryptocurrencies at over 70 million locations around the globe, and its acquisition would help Binance compete with the likes of retail crypto players such as Paypal and Mastercard that offer similar crypto services.
Binance first acquired a majority stake in Swipe in July 2020 in hopes of bridging the gap between Fiat and the crypto market. In its official announcement on December 30, Binance said:
“Binance is to acquire the remaining outstanding shares of Swipe, the industry’s leading cryptocurrency Visa card issuing platform. 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.”
Binance accelerates new ventures
2021 has proven to be a mixed year for Binance given the string of regulatory warnings and actions throughout this year. However, that hasn’t deterred the biggest crypto exchange from expanding its footprints via new acquisitions and regulatory clearance from various other nations. Most recently, the exchange has got an in-principle license to become a crypto asset service provider in Bahrain. It also managed to get an MSB license in Canada allowing it offers various crypto services.
Earlier this month, the exchange announced its new partnership with Indonesia’s largest telecom firm to open a crypto hub in the nation. The crypto exchange also signed an agreement with the Dubai World Trade Center to help them develop the region as a leading crypto hub. The American independent venture is called Binance.US is also set to close one of the biggest crypto funding round as confirmed by the CEO Changpeng Zhao that could see the platform raise a couple of hundred million.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
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