Binance, the world’s leading crypto exchange by trading volume announced they would be acquiring remaining outstanding shares of the leading crypto Visa card issuer Swipe. Swipe allows customers to spend their cryptocurrencies at over 70 million locations around the globe, and its acquisition would help Binance compete with the likes of retail crypto players such as Paypal and Mastercard that offer similar crypto services.
Binance first acquired a majority stake in Swipe in July 2020 in hopes of bridging the gap between Fiat and the crypto market. In its official announcement on December 30, Binance said:
“Binance is to acquire the remaining outstanding shares of Swipe, the industry’s leading cryptocurrency Visa card issuing platform. Binance and Swipe work with regulated and licensed entities to issue Visa cards, with Swipe acting as Binance’s card program manager and technology platform. Swipe also works with strategic partners to issue cards in permitted regions and markets.
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