Binance, one of the leading digital currency exchanges, has announced on Tuesday the acquisition of Swipe, a crypto payments platform, for an undisclosed amount.
The confirmation came after a crypto media already reported on this possible acquisition last week. The exchange also mentioned about the partnership in the FAQ page of its crypto card website, but later deleted it.
Following the acquisition, the companies will work together to bring payments and purchases in cryptocurrency through traditional financial systems, thus bridging the gap between fiat and crypto.
“To achieve our mission of making crypto more accessible to the masses, off-ramps are a key component as well. By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone,” Binance CEO Changpeng Zhao said, mentioning the acquisition.
“The Swipe Wallet alone is unique which acts as a digital bank account for its users, providing access to traditional banking services.”
Bringing crypto services to the mainstream
Headquartered in the Philippines, Swipe has operational offices in the UK and Estonia and has presence across 31 countries within the European Economic Area (EEA). The company offers a crypto debit card supporting over 30 digital currencies and issued via Contis Financial Services Ltd, a Visa member that is licensed by the UK Financial Conduct Authority (FCA).
The company also has plans to expand its services in the North American and Asian markets.
Initially, Swipe will allow its users to purchase and spend BNB tokens directly on its platform with fiat, but the official announcement added that the companies will reveal additional plans in the future.
“Partnering with Binance, given their world-recognized track record and user base, alongside a team that constantly executes, will place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide,” Joselito Lizarondo, CEO of Swipe said.
Meanwhile, Binance recently partnered with Etana Custody to add support for 15 fiat currency deposits.