On December 30, Binance crypto exchange announced that it is acquiring the remaining outstanding shares of the digital wallet and crypto debit card company, Swipe. The aim of the new acquisition will enhance Binance’s steady rising portfolio of alternative payment methods, by offering digital assets payment services to the financial industry.
After completing the purchase of the remaining outstanding shares, Joselito Lizarondo, the Founder and CEO of Swipe, will step down and leave Binance.
Binance and Swipe have been joint entities that work with licensed and regulated firms to issue Visa cards. Swipe has been serving as Binance’s card program manager and technology platform. Additionally, Swipe works with other partners to issue cards in permitted markets and regions.
CZ, the Founder and CEO of Binance, talked about the development: “Swipe has helped Binance and Binance Card make considerable progress towards a future where digital assets can become a daily payment option for millions of people. I also want to thank Joselito for his contribution to both Swipe and Binance. Joselito is both a great entrepreneur and a strategic thinker. I wish him all the best for his next endeavor.”
Meanwhile, Joselito Lizarondo, the CEO of Swipe, commented on the development: “Binance has helped Swipe grow to new heights, with over $1B in Visa-crypto linked processing just this year. I feel confident that the mission to bridge crypto and commerce will continue strongly in Binance’s hands. I want to thank CZ and the entire Binance organization for everything they have done during my tenure there.”
Aiming at Mainstream Crypto Adoption
The announcement by Binance comes at a time when the crypto exchange has been adding fiat gateways for all users across the world. The acquisition is set to help boost crypto adoption globally. It will assist in pushing the use of crypto assets into the mainstream by encouraging payments with crypto coins through traditional financial systems like debit cards. In July 2020, Binance bought the majority shares of the Visa card issuing platform Swipe. However, during that time, Lizarondo stated that the firm preserved its operational independence.
Swipe is headquartered in the Philippines with operations available in 31 nations, mostly in the European Union. The popular cryptocurrency Visa issuing platform currently supports transactions in major fiat currencies including Pound sterling, Euros and the US dollar. The platform enables users to instantly spend crypto-assets at more than 70 million locations across the globe. This is the seventh acquisition that Malta-based Binance has made since it was established in 2017. Furthermore, the firm has bought WazirX, DappReviw, BxB and CoinMarketCap.
