Binance, the world’s largest cryptocurrency exchange, announced Thursday that it will acquire the remaining shares of Swipe, the prominent provider of crypto cards Visa. Binance users will be able to spend their coins at more than 70 million locations around the world as a result of the acquisition.
On July 6, 2020, the Binance platform initially announced the purchase of a majority stake in Swipe, stating that the new collaboration would help boost cryptocurrency adoption by bridging the gap between digital and digital assets. Binance’s acquisition of Swipe will allow it to compete with other retail crypto providers such as PayPal and Mastercard that offer similar crypto-related services.
According to the news, Swipe has been identified as the director of the Binance Card program and technology platform. Swipe also works with important partners to issue cards in authorized regions and markets.
Binance has confirmed that the current CEO of Swipe, Joselito Lizarondo, will step down once the acquisition is completed.
Although Binance has been embroiled in a regulatory controversy this year, that hasn’t stopped the company from increasing its presence with new acquisitions and expanding its services into new markets. Recently, the cryptocurrency exchange was approved for a license in principle by the Central Bank of Bahrain to operate as a crypto-asset service provider as well as a crypto-funding license in Canada in the name of Binance Canada Capital Market.
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In November, Binance CEO Changpeng Zhao revealed in a conversation with French Minister Cédric O that the exchange is creating a $115 million initiative to increase blockchain technology and cryptocurrencies across France and Europe. The cryptocurrency exchange recently partnered with the World Trade Center in Dubai to help the region develop into a global hub for cryptocurrency trading.