The exchange acquired a majority stake in Swipe in July 2020 as part of a broader effort to advance mainstream adoption of crypto payments.
Binance, the world's largest cryptocurrency exchange, announced Thursday that it will acquire the remaining outstanding shares of Swipe, a prominent crypto Visa card provider. Users of Binance will be able to spend their coins at over 70 million locations worldwide as a result of the acquisition.
On July 6, 2020, Binance initially announced the purchase of a majority stake in Swipe, stating that the new collaboration would help to further advance cryptocurrency adoption by bridging fiat and digital assets. Binance's acquisition of Swipe will allow it to compete with other retail crypto providers like PayPal and Mastercard that provide similar cryptocurrency-related services.
According to the news, Swipe has been identified as Binance's card program manager and technological platform. Swipe also collaborates with important partners to issue cards in authorized zones and markets.
Swipe's current CEO, Joselito Lizarondo, will step down once the acquisition is finalized, Binance confirmed.
Although Binance has been embroiled in regulatory controversy this year, it hasn't stopped the company from growing its presence through new acquisitions and expanding its services to new markets. More recently, the crypto exchange was approved for an in-principle license by Bahrain's central bank to operate as a crypto asset service provider, as well as a cryptocurrency financing license in Canada as Binance Canada Capital Market.
In November, Binance CEO Changpeng Zhao revealed in a conversation with French Minister Cédric O that the exchange is establishing a $115 million initiative to increase blockchain and cryptocurrency technology across France and Europe. The cryptocurrency exchange recently partnered with the World Trade Center in Dubai to help the region develop into a global crypto trading center.