Binance has acquired the Swipe Wallet and will list the SXP token. It was announced on the exchange with a blog post.
Not only that but even Swipe has listed BNB on its own platform. On Swipe, which already supported several cryptocurrencies, it is now also possible to buy the Binance token via linked accounts, as well as SWIFT and SEPA transfers.
Swipe uses a system where users buy cryptocurrencies that remain within the wallet until they are spent via the VISA card which converts them into fiat currency.
It also provides a cashback in Bitcoin on each purchase and discounted rates for those using the SXP token.
As a result, the Binance ecosystem also expands to include a famous wallet that allows buying and selling cryptocurrencies, in conjunction with VISA debit cards.
Binance and Swipe for mass adoption of cryptocurrencies
The aim of this acquisition is to achieve large-scale adoption of cryptocurrencies, bridging the gap between fiat currencies and digital assets. In short, Binance and Swipe want to make sure that even cryptocurrencies can be used as a means of payment as it happens with traditional systems.
As Swipe is a system accepted in 31 countries and allows transactions with, euro, pound, US dollar, Korean Won and Philippine pesos, it is clear how essential it can be for mass adoption. In addition, Swipe will soon be launched in Asia and North America.
The CEO of Binance Changpeng CZ Zhao said:
“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. Swipe’s exceptional team has made great strides in furthering this mission and has been instrumental in the industry for bridging the gap between commerce and crypto. The Swipe Wallet alone is unique which acts as a digital bank account for its users, providing access to traditional banking services. We are thrilled to work with a team that shares the same core values and looking forward to our larger efforts ahead”.
The CEO of Swipe, Joselito Lizarondo, added:
“Swipe’s goal is to further synchronize crypto with fiat currency-based transactions. 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. We are excited to work with Binance to continue innovating in this crypto-banking space to further build towards mass adoption on our current and future product lines”.