Binance, the world’s largest cryptocurrency exchange, announced Thursday that it will acquire the remainder of the outstanding shares of Swipe, a leading provider of Visa cards. Binance users will be able to spend their holdings at more than 70 million merchants and establishments around the world as a result of the acquisition.
On July 6, 2020, Binance initially announced the purchase of a majority stake in Swipe, stating that the new collaboration would help further advance cryptocurrency adoption by connecting fiat and digital assets. Binance’s acquisition of Swipe will allow it to compete with other retail cryptocurrency providers such as PayPal and Mastercard.
According to the news, Swipe has been identified as the manager of Binance’s technology platform and card program. The company also works with key partners to issue cards in authorized markets and areas.
Current Swipe CEO Joselito Lizardo will step down once the acquisition is complete, as confirmed by Binance.
Although Binance has been embroiled in regulatory controversy this year, this has not stopped the company from expanding its presence through new acquisitions and expanding its services to new markets. Recently, the central bank of Bahrain approved a license in principle to operate as a service provider of crypto assets, as well as a cryptocurrency financing license in Canada such as Binance Canada Capital Market.
In November, the CEO of Binance, Changpeng Zhao revealed in a conversation with French Minister Cédric O that the exchange is setting up a $ 115 million initiative to drive adoption of Blockchain technology and cryptocurrencies across France and Europe. The cryptocurrency exchange recently partnered with the Dubai World Trade Center to help the region become a global hub when it comes to cryptocurrency trading.
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