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Binance is expanding its portfolio of acquisitions with Swipe. The deal is expected to further help the adoption of cryptocurrencies in different markets.
As a leader in the blockchain industry Binance has once again shown its crypto market dominance after it announced a new strategic acquisition. According to a news update published on its official webpage, Binance has completed the acquisition of Swipe, a platform that enables users to buy, sell, convert and also utilize their crypto assets. However, this time around the cryptocurrency exchange did not disclose the amount of cash involved in the deal as opposed to the CoinMarketCap deal that was publicly announced to have cost $400 million.
As a result of the acquisition, the two companies will strategically partner to further help the adoption of cryptocurrencies in different markets. This will be mostly done by bridging the lift existing between the fiat and digital assets in most traditional financial systems.
Binance and Swipe Deal
“To achieve our mission of making crypto more accessible to masses, off-ramps are a key component as well. 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 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,” he added.
“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,” said Swipe CEO Joselito Lizarondo.
Swipe is a major crypto dealer that supports several digital assets, whereby they can remain in their native form up until the point of transaction. It is at this point that the selected digital asset gets to be converted to fiat via the Visa payment rails.
According to the press release, the Swipe’s cardholders can now enjoy up to 4% cashback in BTC on every purchase made through the card. This is a state of art technology and partnership that will see crypto customers in over 31 countries in the EU zone enjoy the amazing services.