Leading cryptocurrency exchange, Binance, today confirmed that it has acquired multi-asset digital wallet and Visa debit card platform, Swipe, for an undisclosed sum to further bridge the gap between cryptocurrency and fiat currencies.
The Swipe platform enables users to spend their cryptocurrencies without converting them to fiat, supporting a variety of digital assets alongside its Visa debit card that is available for clients to spend in more than 50 million locations.
Following the completion of the partnership, both companies have each listed the other’s native token. Binance adding SXP pairs to its trading platform, while Swipe also listed Binance Coin (BNB), thus, making it available for users to spend it using the Visa debit card.
Speaking on the partnership, the CEO of Binance, Changpeng Zhao, stated that partnering with Swipe is one step closer to achieving the company’s goal of increasing the mainstream adoption cryptocurrencies. The ease of making payments directly with crypto without converting it to fiat will help to make it more acceptable and thrilling.
He further added:
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… We are thrilled to work with a team that shares the same core values and looking forward to our larger efforts ahead.
Additionally, Swipe’s CEO, Joselito Lizarondo, expressed his optimism about the partnership with Binance, noting that this will further help the company to provide its services to several millions of people around the globe. “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,” Lizarondo concluded.
The move is also understood to be instrumental to Binance’s plan to launch a debit card for its users later this year, continuing a trend of dominance for the three-year-old Changpeng Zhao-led company.
Meanwhile, in another recent development, the Blockchain Research Institute of Binance China partnered with China Business Beidou Supply Chain Management Group with the goal of providing an effective supply chain to enterprises in the country via blockchain technology.