The world’s most renowned crypto exchange Binance has announced that it will acquire the remaining shares of its leading cryptocurrency Visa Card issuer, Swipe.
Customers who use Binance can expect to spend their funds at over 70 million locations across the globe in the wake of the acquisition.
Additionally, this will assist in helping Binance to compete with popular retailers like Paypal and Mastercard, which provide similar services to crypto.
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.”
On the 6th of July of 2021, Binance first announced that it was buying the major stake in Swipe and stated that the partnership would assist in advancing the adoption of cryptocurrency through the bridge between fiat and digital assets.
According to the latest report, Swipe is identified as Binance’s program manager for cards and platform for technology. Swipe works with various partners to issue credit cards in the market. Swipe’s CEO, Joselito Lizarondo, will quit when the deal is completed, Binance confirmed.
The Binance company has received a series of regulatory actions and warnings throughout 2021. However, this hasn’t stopped the largest crypto trading platform from expanding its reach by acquiring new businesses and obtaining approvals from other regulatory countries.
Recently, the exchange was granted the in-principle license to provide crypto assets in Bahrain. It also got its finance license in Canada, which offers various services in crypto.
The cryptocurrency exchange also reached an agreement with Dubai World Trade Center to assist them in developing the region into a premier cryptocurrency hub.