In July 2020, the exchange purchased a majority share in Swipe as part of a wider attempt to move crypto payments into the public.
Binance, the world's leading crypto exchange, revealed on Thursday that it will buy the outstanding shares of Swipe, a famous crypto Visa card provider. As a result of the deal, Binance users will be allowed to use their coins in over 70 million areas globally.
Binance disclosed the acquisition of the majority share in Swipe on July 6, 2020, saying that the new partnership would assist to boost crypto adoption by connecting fiat and digital assets. With the acquisition of Swipe, Binance will be able to keep competing with other retail crypto providers such as PayPal and Mastercard, which offer comparable cryptocurrency-related services.
Swipe has been recognized as Binance's card program manager and technology system, as per the news.
Swipe also partners with major companies to issue cards in approved areas and markets.
Binance stated that Swipe's existing CEO, Joselito Lizarondo, will quit once the deal is completed.
Even though Binance has been engaged in regulatory turmoil this year, the firm has continued to expand its reach through further purchases and service expansion into new regions. Recently, Bahrain's central bank gave the crypto exchange an in-principle operating license as a crypto asset service provider, and also a crypto financing licence in Canada under the title Binance Canada Capital Market.
Binance CEO Changpeng Zhao announced in November, during a discussion with French Minister Cédric O, that the exchange is launching a $115 million project to expand blockchain and crypto innovation throughout France and Europe. The crypto exchange has collaborated with Dubai's World Trade Center to support the region in emerging a global crypto trading centre.