Binance is planning to own a majority stake in Swipe.io as a way to fast-track its payment card services.
The world’s largest cryptocurrency exchange Binance is setting the stage for the eventual rollout of its long-planned payment cards. This comes with the Binance exchange plans to purchase a majority stake in Swipe.io, the company that prides itself on bringing cryptocurrency to commerce and standard banking. Since Binance first announced its plans for the payment card back in April, it has deployed resources in making it come to reality.
There is a tremendous payment revolution going on around the world stirred by the unique offerings of blockchain technology and cryptocurrencies. For the active intermediary like exchanges, the futuristic position is to invest in opportunities that will enhance the fluid utilization of cryptocurrency assets while offering maximal value to existing traditional fiat currencies. The proposed Binance card will be a bridge to link both cryptocurrency and fiat money payments.
Emergence of Binance in Crypto Sphere
Binance was declared as the largest cryptocurrency by trading volume in 2018, surpassing exchanges that were established before it. Binance was found in 2017 by Changpeng Zhao, a developer who had previously created high-frequency trading software. Binance was initially based in China but later moved out of China into Japan due to China’s increasing regulation of cryptocurrency.
Binance has a consistent strategy for growth and expansion which has played out over the years. In March 2018, Binance announced its intentions to open an office in Malta after stricter regulations in Japan and China. In April 2018, Binance signed a Memorandum of Understanding (MoU) with the Government of Bermuda. Months later, a similar memorandum was signed with the Malta Stock Exchange to develop a platform for trading security tokens.
In 2019, the company announced Binance Jersey, an independent entity from its parent Binance.com exchange, with the aim to expand its European influence. The jersey-based exchange offers fiat-to-crypto currency pairs, including the Euro and the British pound. In August 2018, Binance along with three other big exchanges raised $32 million for a stable coin project. The idea of stable coins is to provide a cryptocurrency without the notorious volatility of Bitcoin and other popular digital assets.
Binance has been very conspicuous with its acquisition activity as it has purchased Indian cryptocurrency exchange WazirX, popular coin price chart CoinMarketCap, and its bidding to own a majority stake in Swipe.io will be yet another push to extend its root in the space.
Binance Proposed Partnership with Swipe.io
As a company of interest, Swipe.io offers a multi-currency crypto wallet app as well as a crypto-to-fiat funded Visa debit card. The cards are issued by Contis Financial Services Ltd, a Visa member that is licensed by the UK Financial Conduct Authority. While the details of the partnership are not fully known, it is believed that Swipe’s platform will help the company in achieving the card launch and subsequent management/operation.
According to Binance, the Card product will be accepted by more than 46 million merchants offline and online in 200 regions and territories, which makes shopping with crypto easier than ever before. This ambitious vision is best achieved with one of the best cryptocurrency payment support service providers out there of which swipe.io is one.
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