JAKARTA – Binance, the world's largest cryptocurrency exchange, announced Thursday that it will acquire the remaining stake in Swipe, a leading provider of Visa crypto cards.
With this acquisition, Binance users will be able to spend their coins in more than 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 such as PayPal and Mastercard that provide similar cryptocurrency-related services.
According to the news, Swipe has been identified as the manager of the card program and technology platform Binance. Swipe also collaborates with key partners to issue cards in authorized zones and marketplaces.
According to a Cointelegraph report, Binance confirmed Swipe's current CEO, Joselito Lizarondo, will step down once the acquisition is complete.
Although Binance has been embroiled in a regulatory controversy this year, that hasn't stopped the company from growing its presence through new acquisitions and expanding its services into new markets.
Recently, the crypto exchange was approved for a principle license by the Bahrain central bank to operate as a crypto asset services 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 the French Minister, Cédric O, that the exchange is building a $115 million initiative to scale 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 hub.
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