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Binance Acquires Swipe.io & listed SXP token

Another acquisition has fallen into the Binance chamber by the name Swipe- the crypto wallet app provider. Swipe.io facilitates users by offering them purchasing services passing through a crypto Visa debit card.

However, there is no disclosure of the deal amount from any of the firms so far.

Reportedly, with this latest acquisition, Swipe’s SXP token also listed on the Binance platform, resulting in the price hike by 50% from the past week. Binance officially announced on its website on July 7.

Swipe’s Medium blog displays that with this strategic partnership both the firms aiming to bring cryptocurrency in the mainstream by accelerating their efforts via crypto and commerce.

As per the information, the crypto exchange behemoth Binance’s BNB token also listed on Swipe’s platform for the users.

Now users can spend BNB token to “Euros at over 50 million locations worldwide through the Swipe Visa Debit Card.” The blog reads.

Swipe is a London-based crypto Visa debit card provider having its headquarter in the Philippines. Swipe’s headquarter is in the Philippine and operating in the United Kingdom, United States, Singapore, and Canada.

“Swipe is currently available in 31 countries within the European Economic Area and issued by Contis Financial who is a Visa Europe Principal Member.”

Swipe allows the users to buy, sell, spend, and keep the cryptocurrencies through its wallet app. With the Visa payment network, Swipe aids the users to automatically convert stored cryptocurrency into fiat currency.  

According to Binance, to boost the crypto adoption and open up the fiat gateways this deal can become highly fruitful for the crypto industry.

Swipe CEO Joselito Lizarondo said,

“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.”… “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.”

Binance CEO Changpeng Zhao (CZ) while praising the efforts of Swipe said, “Swipe’s exceptional team has made great strides” in furthering the mission of making crypto more accessible to the masses and using off-ramps as a key component. Swipe plays an “instrumental role in the crypto industry for bridging the gap between commerce and crypto.” 

Recently, in its mission to boost the adoption of cryptocurrencies, Binance joined Indian IAMAI army, to aid the country amid of uncertain regulatory norms.