The leading cryptocurrency exchange in the entire world, Binance, is all set to acquire the remaining outstanding shares of the crypto VISA platform Swipe. As revealed in a blog, Binance is all set for the purchase of the VISA card provider, which caters to more than 70 million locations worldwide.
Binance continues its expansion
Binance has been quite active this year, celebrating huge success in the industry. The next road towards expansion comes with acquiring a massive number of shares in Swipe. In their blog, The exchange said that it will “acquire the remaining outstanding shares of Swipe, the industry’s leading cryptocurrency Visa card issuing platform.”
Furthermore, the blog post from Binance talked about the exchange’s investment in Swipe from July 2020 when it “acquired a majority stake in Swipe with the goal to further mainstream adoption of cryptocurrencies by bridging the gap between fiat and digital assets, notably payments and purchases in cryptocurrencies through traditional financial systems.”
Binance and Swipe will work together to provide crypto-related services to their customers. Many investors consider the crypto industry quite complex and not suitable for making payments. Swipe and the world’s biggest cryptocurrency exchange will work together on the same.
The two firms will also be working inside the walls of the law with “regulated and licensed entities to issue Visa cards.” Binance has seen a lot of pushback from regulators this year, and in order to survive, the firm has decided to shake hands with authorities and embark upon a journey that will be beneficial to customers, regulatory authorities, and the exchange as well.
“Following the completion of the purchase of the remaining outstanding shares, Swipe CEO Joselito Lizarondo will step down and leave Binance,” revealed the blog post.
As a result of the announcement, the native token of Swipe, SXP, gained more than 30% in minutes.