Binance, the largest digital asset exchange globally, has acquired Swipe for an unrevealed sum of money. Swipe is a leader in the multi-asset digital wallet industry and it runs a Visa debit card platform for buying, selling, converting and spending cryptocurrencies.
Both Binance and Swipe are to work towards the achievement of more mainstream adoption of cryptocurrencies. They want to bridge the gap between fiat and digital assets, specifically payments and purchases using cryptocurrency through traditional financial systems.
This announcement in a blog post noted the words of the exchange’s CEO Changpeng Zhao (CZ) regarding the acquisition. CZ said off-ramps are critical to the realization of Binance’s goal of making cryptocurrencies further accessible to the people. He said people will have an improved cryptocurrency experience if direct conversion and spending of cryptocurrency is available, with seamless acceptance of fiat by merchants.
“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.”
Swipe CEO Joselito Lizarondo said Swipe aims to achieve greater synchronization of cryptocurrency with fiat currency-based transactions. Lizarondo said the firm’s partnership with Binance will position Swipe where it can make cryptocurrencies more accessible for numerous individuals globally. 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.
BNB is now on Swipe’s platform, allowing the purchase and sale of BNB from user’s bank accounts, via Swift wire transfers and Single Euro Payments Area (SEPA). Hence, users can spend BNB with fiat at more than 50 million locations around the world via the Swipe Visa Debit Card. At the moment, several digital assets are supported by Swipe’s platform and the service is available in 31 countries within the European Economic Area.
Featured Image Courtesy of Binance Blog