Binance, the largest cryptocurrency exchange in the world, It announced on Thursday that it will acquire the remaining outstanding shares of Swipe, a leading Visa card provider. The acquisition will allow Binance users to spend their inventory at more than 70 million merchants and establishments worldwide.
On July 6, 2020, Binance initially announced the purchase of a majority stake in Swipe and stated that the new collaboration would help drive the adoption of cryptocurrencies further by combining fiat and digital assets. Binance’s acquisition of Swipe will allow it to compete with other retail cryptocurrency providers like PayPal and Mastercard.
According to the news, Swipe has been identified as the manager of Binance’s technology platform and card program. The company also works with key partners to issue cards in authorized markets and territories.
Swipe’s current CEO, Joselito Lizardo, will leave his position upon completion of the acquisition. as Binance was able to confirm.
Although Binance has been embroiled in regulatory controversy this year, that hasn’t stopped the company from building its presence through new acquisitions and expanding its services to new markets. Recently, the Central Bank of Bahrain approved an in principle license to operate as a crypto asset service provider. as well as a Canadian cryptocurrency financing license such as Binance Canada Capital Market.
In November the CEO of Binance, Changpeng Zhao, speaking with French minister Cédric O, announced that the exchange is setting up a $ 115 million initiative to drive the adoption of blockchain technology and cryptocurrencies in France and Europe. The cryptocurrency exchange recently partnered with the Dubai World Trade Center to help the region become a global hub for cryptocurrency trading.