The world’s largest cryptocurrency exchange, Binance, has completed its second acquisition in 2022. These two acquisitions seem to further demonstrate Binance’s interest in issuing crypto debit cards.
After acquiring the industry’s most popular website, CoinMarketCap, in April 2022, Binance has now acquired Swipe, a company headquartered in the Philippines focused on the crypto-to-fiat Visa debit card.
Binance and Swipe officially announced the acquisition on July 6, claiming that the new collaboration will further drive “mainstream adoption of cryptocurrencies” by bringing the gap between fiat and digital assets.
Binance and Swipe “will team up to launch crypto debit card”
While the official announcement didn’t explicitly note that Binance and Swipe would work together on issuing debit cards, an executive at Swipe said that was an important aspect of the acquisition. In a July 8 email to Cointelegraph, Swipe COO John Khenneth said that the two companies “will work closely together to launch crypto debit cards in different regions of the world.”
It remains unclear whether the acquisition has anything to do with Binance Card, a debit card announced by Binance in April 2022. A Binance spokesperson declined to comment on a possible connection between Binance Card and Swipe to Cointelegraph. “We don’t have any updates regarding this at this time,” the person said.
Already supports 20+ crypto
Highlighting that Swipe was prior to the acquisition, Swipe Khenneth noted that Swipe supported over 20 cryptocurrencies at the time of the acquisition. As part of the acquisition, Swipe has listed Binance’s native token BNB on its platform. It allows users to buy and sell BNB via bank accounts, Swift transfers, and the Single Euro Payment Area, or SEPA.
Swipe CEO, Joselito Lizarondo, said that the addition of BNB is in line with Binance and Swipe’s mission to promote global crypto adoption.
“Adding BNB to the Swipe platform brings to the fore a large community of BNB holders who can now use our service to buy, sell and pay with BNB with Euros and other fiat currencies. This will grow our user base alongside other Binance chain tokens that we plan to add in the future with their respective communities. “
At launch, BNB could be purchased with SEPA transfers across the EU and UK, Swipe noted. This service is not available in the United States as the Swipe crypto wallet is not supported in these countries at this time. However, Swipe plans to release the service for both countries “after the appropriate licensing and/or registration is completed,” according to the Swipe website.
As officially announced, Swipe is currently available in 31 countries within the European Economic Area and is issued by Contis, a major member of Visa Europe and holder of a U, K. e-money license. Swipe also supports 20 other crypto, fiat transactions in euros, British pounds, USD, Korean won, and Philippine pesos.
Swipe continues to operate independently
Similar to Binance’s CoinMarketCap acquisition, the new Swipe acquisition is also kept secret. While CoinMarketCap is rumored to be from Binance at around $400 million. Several reports in June claimed that Swipe’s acquisition involved buying Swipe’s majority stake.
Swipe says that it will also be able to operate the company independently of Binance. Swipe COO Khenneth said: “This agreement was drawn up under which Swipe could run the company independently of Binance. Then Binance has joined part of Swipe’s board of directors as well.”