Binance, the world’s largest cryptocurrency exchange by volume, took an important step. The exchange had already acquired a majority stake in Swipe in July 2020 to accelerate the mainstream adoption of crypto payments. Binance announced on Thursday that it will acquire the remaining stake in leading crypto Visa card provider Swipe.
Why is Swipe (SXP) Rising?
With the announcement of the news, the SXP price went up to $ 2 . Thus, it has made a pricing of over 30%. Binance users will be able to spend their coins in more than 70 million places worldwide as a result of the purchase. On July 6, 2020, Binance acquired a majority stake in Swipe, stating that the new collaboration will help further the adoption of cryptocurrency by bridging fiat and digital assets.
Binance’s acquisition of Swipe will allow it to compete with other individual crypto providers such as PayPal and Mastercard, which offer 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 key partners to issue cards in authorized regions and markets.
Binance has confirmed that Swipe’s current CEO, Joselito Lizarondo, will step down after the acquisition is complete.
Binance has had serious problems with regulators this year. But that didn’t stop it from expanding its services into new markets. More recently, the crypto exchange was approved by the central bank of Bahrain for an in-principle license 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 announced that he has set up a $115 million initiative to popularize cryptocurrencies and blockchain technology in Europe. The cryptocurrency exchange has recently partnered with the World Trade Center in Dubai to help the region evolve into a global crypto trading hub. Just hours before we enter the year 2022, Binance has scored its last goal.