Binance, one of the leading digital currency exchanges, has acquired the Crypto payments platform, Swipe, for a sum of money that has not been revealed by either party. It is important to note that Swipe is one of the leaders in the multi-asset digital wallet industry. It has a Visa debit card platform for purchasing, converting, selling, and spending cryptocurrencies. The confirmation of this acquisition after a crypto media reported last week about this possible takeover.
Both Binance and Swipe have vowed to work towards achieving mainstream adoption of cryptocurrencies. They want to flatten the gap between fiat and crypto, especially payments and purchases through the traditional financial systems using cryptocurrencies. The Binance CEO has said that off-ramps are essential for realizing the goal of Binance – making cryptocurrencies accessible to the people. He is hopeful that people will have an improved experience if spending and direct conversion of cryptocurrency are readily available. There should also be a seamless acceptance of fiat by the merchants. The Swipe wallet has a unique feature as it acts as a digital bank account for its users, thereby providing access to traditional banking services.
Swipe has a presence in more than 31 countries and offers a crypto debit card supporting more than 30 digital currencies. It plans to expand its operations in Asia and North America. BNB has now been added to the Swipe platform, and the latter will allow the users to purchase and spend the BNB tokens directly on the platforms with fiat.
The Swipe app and credit cards support more than 30 cryptocurrencies, including BTC, BNB, and fiat currencies. The consumers can receive up to 4% cashback for all purchases, and there is no need to pay anything extra for international transactions. It is essential to know that cashback is paid out in the form of Bitcoin. The Swipe app is revolutionary as users need not take a detour to buy cryptocurrencies as the Swipe wallet offers the comfort of direct purchase of the digital assets through their app.