Everscale Partner
This Tuesday, the Binance exchange on its website published an official announcement on the acquisition of a startup called Swipe, specializing in the issue of cryptocurrency cards.
Information that Binance may acquire Swipe appeared last week. It is assumed that the exchange will use the startup infrastructure to issue its planned card. Such information was presented on one of the information pages of her site, which was subsequently deleted.
“Binance has partnered with Swipe to provide a card platform for Binance users,” the report said.
According to a new press release, “the two companies will work together to further distribute cryptocurrencies to the masses, closing the gap between fiat and digital assets through payments and purchases for cryptocurrencies through traditional financial systems.”
Binance CEO Changpeng Zhao said earlier that launching the card is fraught with characteristic difficulties. To overcome their company will help prepared infrastructure Swipe.
“In order to achieve our goal of increasing the availability of cryptocurrencies among the masses, one of the key components is asset withdrawal funds. By giving users the opportunity to convert and spend cryptocurrency directly, and to sellers — still accepting fiat without unnecessary difficulties, we can significantly increase the experience of interaction for everyone, ”he said.
Swipe allows you to convert digital currency to fiat at the time of payment. Thus, the user pays in cryptocurrency, while for the seller this operation is no different from any other purchase using a plastic card.
“The Swipe platform currently supports a wide range of digital assets, which allows them to remain in their native form until the transaction. The selected digital asset is then converted into fiat currencies passing through Visa payment channels, which makes cryptocurrencies instantly available for spending in more than 50 million points around the world, ”the announcement says.
Swipe currently serves 31 countries in the European Economic Area. Start-up cards are issued by Contis Financial Services Ltd, a member of the Visa payment network and regulated by the UK Financial Supervisory Authority. In the foreseeable future, it is planned to expand the service coverage area to Asia and North America.
Also today, Binance is listing its own Swipe token. Starting at 17:00 Moscow time, Binance users will be able to exchange tokens in SXP / BTC, SXP / BNB and SXP / BUSD pairs.
Amid today’s announcement by Binance, the SXP rate has grown by more than 20%. The growth since the first information about potential cooperation appeared has exceeded 50%.
Disclaimer: Binance received an SXP stake in the acquisition of Swipe. The vast majority of these tokens are subject to long-term blocking. We are committed to the long-term and sustainable development of both SXP and the Swipe ecosystem, ”the exchange writes.
