Crypto exchange giant Binance has confirmed a partnership with Swipe for the launch of its debit card on a now-deleted webpage.
The cached version of the “Binance Card” FAQ section on the exchange website reads: “Binance has partnered with Swipe to provide a Card platform for Binance users.This confirms Block’s reporting from earlier this week, which said Binance partnered with Swipe for its card launch.
It was at the time that Binance had acquired a majority stake in Swipe, which the exchange declined to confirm at the time. Today, a spokesperson for Binance, said: “We will be able to share details as soon as they are ready to be shared.“
Binance’s plans for branded cards have been around since March. At that time, the Exchange said the Binance Card “does everything a regular payment card does, plus so much more.“
The now-deleted FAQ section indicates that the Binance Card will allow “real time” conversion of cryptocurrency to fiat currency for use at merchants globally.
Binance says it will pool the value of the card wallet based on the market price of the cryptocurrency and this combined balance will allow users to spend their cryptocurrency.
Users can transfer funds to their card wallet from their spot wallet based on a daily limit, Binance said, adding: “The transfer will be instant and available for immediate use.“
The card will work globally, Binance said, because it works with “multiple networks” around the world. Cardholders can also withdraw cash at ATMs as long as they are in an area that supports cash withdrawals.
It should be noted that Swipe already offers its own Visa crypto debit card. The Binance card will be issued as a white-labeled product via Swipe, as The Block reported earlier this week.
Swipe Partners With UK Financial Authority
Swipe issues its cards through Contis Financial Services Ltd, a Visa member licensed by the UK Financial Conduct Authority.
A Contis spokesperson told The Block that Swipe is their client, but Binance is not. They declined to comment on the Binance-Swipe partnership.
Given Binance’s global reach and influence, news of the partnership has raised the price of the Swipe token (SXP) in recent days. The token is currently up around 22% to trade around $0.64.
It remains to be seen whether Binance will list SXP, given that Binance will be the majority shareholder of Swipe.