Baisakhi MishraBinance will buy the remaining shares of Swipe, a crypto VISA platform. Binance is preparing to buy the VISA card provider, which serves more than 70 million locations worldwide, according to a blog post.
Binance will buy the remaining shares of Swipe
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Binance, the world’s most well-known cryptocurrency exchange, has announced that it will purchase the remaining shares of Swipe, the leading cryptocurrency Visa Card issuer. Following the acquisition, Binance customers may expect to spend their cash at over 70 million places around the world.
Binance has been very busy this year, achieving tremendous success in the business. The next step in the expansion process is to purchase a large number of Swipe shares. The exchange announced on its blog that it will “acquire the remaining outstanding shares of Swipe, the industry’s premier cryptocurrency Visa card issuance platform,” according to their site.
Furthermore, according to Binance’s blog post, the exchange “acquired a majority stake in Swipe intending to further mainstream adoption of cryptocurrencies by bridging the gap between fiat and digital assets, notably payments and purchases in cryptocurrencies through traditional financial systems” in July 2020.
This would also help Binance compete with well-known stores such as Paypal and Mastercard, which offer comparable crypto-related services.
Binance announced the following on December 30:
“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 first announced that it was buying a majority share in Swipe on July 6, 2021, and that the relationship will help advance cryptocurrency adoption by providing a bridge between fiat and digital assets.
Swipe has been recognized as Binance’s programs manager for cards and technology platforms, according to the most recent report. Swipe issues credit cards in the market in collaboration with several partners. Joselito Lizarondo, Swipe’s CEO, would resign after the acquisition is done, according to Binance.
Throughout the year 2021, the Binance corporation has received several regulatory proceedings and warnings. This hasn’t stopped the world’s largest crypto trading platform from expanding its reach through acquisitions and regulatory permissions from other countries.
The exchange received an in-principle license to provide crypto assets in Bahrain recently. It also obtained a financial license in Canada, allowing it to provide a variety of crypto-related services.
The Bitcoin exchange also agreed to help the Dubai World Trade Center grow the region into a major cryptocurrency hub.
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