Binance Snaps Up Outstanding Shares in Swipe

Binance completes the full acquisition one of the world’s leading crypto Visa card platforms.

By
Kyle Heise
on
January 1, 2022
Category:
Blockchain News

Binances Solidifies Swipe Purchase

Binance has purchased the remaining shares of Swipe to complete the crypto exchanges acquisition of one of the top cryptocurrency Visa card issuing platforms. Right now, Swipe users should see no changes to the utility of the native $SWP token.

The news of the buy came through a Binance blog on December 30, which also confirmed that Swipe CEO Joselito Lizarondo will vacate his capacity once all shares are purchased. The new partnership will hopefully permit an expansion of utility for the Binance Card as Binance tries to flex the reach and ability of Swipe and its native SXP token.

“Binance and Swipe work with regulated and licensed entities to issue Visa cards, with Swipe acting as Binance's card program manager and technology platform,” read the official blog post. “Swipe also works with strategic partners to issue cards in permitted regions and markets.”
Source

Binance bought an undisclosed majority stake in July of 2021. Swipe previously worked with FTX to facilitate the FTX card in early 2021.With 70 million locations and over $1 billion in crypto Visa linked transactions worldwide, the news on Swipe is bullish heading into 2022. 

“The Swipe #SXP token continuous to be the utility token for the http://Swipe.io products as shown on our website and current white paper. There are no changes other than @Binance full ownership of Swipe for our users,” Swipe’s account tweeted on Dec. 30.

The SWP token has seen a price rise together with the hype, rising over 30% over the lasy 7-days according to CoinGecko at the time of writing. CoinGecko also shows that SWP has a healthy alt-coin market capitalization of $410 Million USD. 

Swipe also announced a rebrand of its blockchain network to be called Solar. The development gives the ecosystem its own L-1 blockchain network. For more information see the Medium post from December 30.

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Kyle Heise

Born and raised in the East Bay of California. He has studied and worked on three continents and lived in eight countries. Kyle resides in San Francisco. He holds bags mostly in ETH, CRO, CAKE, and BSC meme projects.

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