Binance Announces Acquisition Of Cryptocurrency Visa Debit Card Platform

Binance, one of the leading digital asset exchanges recently declared the purchase of the Visa debit card platform Swipe. The exchange has also listed Swipe’s native token (SXP), which recorded a colossal price upsurge of around twenty one percent.

The exchange formally declared the acquisition for an unrevealed amount. As per the announcement, the crypto exchange and Swipe are inclined to work collaboratively to

“further mainstream adoption of cryptocurrencies by bridging the gap between fiat and digital assets, notably payments and purchases in cryptocurrency through traditional financial systems.”

Changpeng Zhao, the CEO of Binance, mentioned that by acquiring the platform, the exchange is growing its endeavors towards “making crypto more accessible to the masses”.

Zhao further mentioned that the platform’s wallet is an exclusive feature that

“acts as a digital bank account for its users, providing access to traditional banking services.”

He further commented,

“Swipe’s goal is to further synchronize crypto with fiat currency-based transactions. Partnering with Binance, given their world-recognized track record and user base, alongside a team that constantly executes, will place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide.”

Notably, the announcement also mentions that Binance has received an unrevealed percentage of SXP tokens subsequent to the acquisition. Furthermore, the majority of tokens are locked over a multi-year time frame.