Binance to finalize the acquisition of Swipe
– Top Online Cryptocurrency Courses from $9.99 Get now!
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.
SXP, the native token of Visa card issuer Swipe, surged 30% on Thursday following news that exchange Binance will become the most sole owner of the company.
The SXP cryptocurrency hit an intraday high of $2.02 before pulling back to $1.91 at 23:00 GMT on December 30, 2021.
Its strong performance defied sluggish activity in the wider market, with top-ten coins bitcoin, Ethereum, BNB, XRP and Polkadot all moving less than 0.5% over the past 24 hours.
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.
Read more: Binance