The aim of the acquisition is to help push the use of cryptocurrencies into the mainstream by encouraging payments with cryptocurrencies through traditional financial systems such as debit cards.
U.K.-based Swipe provides a cryptocurrency banking account that offers a multi-currency mobile wallet, the ability to buy and sell cryptocurrencies, access to exchanges with instant settlements, and a Visa debit card.
Users can pay with their Visa debit card at all 50 million locations across the globe where traditional Visa debit cards are accepted. The card also offers up to 4% cash back (paid in Bitcoin), doesn’t charge foreign transaction fees, has built-in security features, and more. The debit card is crypto-to-fiat, meaning the user makes a purchase using cryptocurrency while the merchant receives fiat currency in exchange.
“By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone,” said Binance CEO Changpeng Zhao. “Swipe’s exceptional team has made great strides in furthering this mission and has been instrumental in the industry for bridging the gap between commerce and crypto. The Swipe Wallet alone is unique which acts as a digital bank account for its users, providing access to traditional banking services. We are thrilled to work with a team that shares the same core values and looking forward to our larger efforts ahead.”
Swipe CEO Joselito Lizarondo said that the deal “will place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide.” He added, “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.”
This is the seventh acquisition Malta-based Binance has made since it was founded in 2017. The company has also purchased CoinMarketCap, BxB, DappReview, and WazirX.