Cryptocurrency trading company Binance today announced it has completed its acquisition of multi-asset digital wallet and Visa debit card platform Swipe,media reported. Earlier this year, Coin’s CEO Zhao Changpeng (CZ) announced plans to launch Binance Card on its platform. This is a Visa debit card that can be used to buy goods and services from merchants that are not normally involved in digital assets. But CZ acknowledges that binance’s process of implementing the new card was difficult at the time — something that Swipe could help solve.
“Off-ramps are also a key component of our mission to make cryptocurrencies more acceptable to the public. By allowing users to convert and use cryptocurrencies directly, allowing merchants to still seamlessly accept Fiat currencies, this will make the cryptocurrency experience for everyone better,” CZ said.
The two companies also list each other’s tokens. Coin has added Swipe’s SXP tokens to its platform, while Binance Coin (BNB) has added support for more than 30 cryptocurrencies, stable currencies and Fiat currencies provided by Swipe.
Make cryptocurrencies easier for merchants
Swipe converts cryptocurrencies into legal tenders such as U.S. dollars when consumers buy them. In this way, users can pay in cryptocurrencies, while merchants receive Fiat currency.
As an additional bonus, users can get up to 4% bitcoin cashback when they swipe their card to shop.
According to the statement, Swipe is available in 31 countries in the European Economic Area. Its debit card is issued by Contis Financial Services Ltd, a major visa member regulated by the UK’s Financial Conduct Authority.
Currently, Swipe supports euro, sterling, dollar, won and Philippine peso trading, and plans to launch it soon across Asia and North America.
“Swipe’s goal is to further synchronize encryption with Fiat-based transactions,” said Joselito Lizarondo, CEO of Swipe. Through cooperation with Coin An… It will make Swipe a place that makes cryptocurrencies more accessible to millions of users around the world. “