Binance acquires Visa debit card platform Swipe and listed the native cryptocurrency SXP right after, which marked a 21% intraday increase, as we are reading more in the upcoming Binance news today.
The leading crypto exchange Binance acquires Visa debit card platform Swipe and also listed its native token, registering a massive price boost of 21%. Following the speculation on the social media platform, the popular exchange announced officially the new acquisition for an “undisclosed amount.” Both platforms plan to work together and to bring mainstream adoption of cryptocurrencies by bridging the gap between fiat and crypto. They believe that payments in cryptocurrency will connect this sector with traditional systems.
Swipe offers a lot of essential features for the customers to assist in this department because it operates as a multi-asset digital wallet but also as a Visa debit card platform. Users are able to sell, convert, and spend digital assets. Binance Director of European and Latin American Growth Josh Goodbody explained that the platform “holds user funds in offline wallets with a regulated custody provider which includes comprehensive insurance coverage.” Binance CEO Changpeng Zhao explained that with the new acquisition, the company will increase the efforts towards making crypto more accessible, saying that Swipe is a unique feature that “acts as a digital bank account for its users, providing access to traditional banking services” which will speed up the adoption rates:
“Swipe’s goal is to further synchronize crypto with fiat currency-based transactions. Partnering with Binance, given their world-recognized track record and user base, alongside a team that constantly executes, will place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide. We are excited to work with Binance to continue innovating in this crypto-banking space to further build towards mass adoption on our current and future product lines.”
Swipe is a crypto-fiat gateway that enables cryptocurrencies to be spent as fiat currencies in real-time.
— Binance Research (@BinanceResearch) July 7, 2020
Swipe listed Binance Coin on its platform so its users can now buy and sell BNB with their linked bank accounts through Swift wire transfers and Single Euro Payments Area. This will make BNB spendable with fiat at more than 50 million locations through Swipe Visa debit card. Binance also confirmed that they will use SXP and SXP/BTC, SXP/BNB, and SXP/BUSD pairs, opened at 2:00 today. The native cryptocurrency reacted quite positively to the news with a daily increase of 21%, trading at $0.68. The asset ranked at 119th sport in terms of market capitalization according to Coinmarketcap.
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