Binance, one of the largest cryptocurrency exchanges in the world, has just completed the acquisition of the London-based crypto debit card issuer Swipe.
According to the official announcement shared by the trading platform yesterday, the acquisition will help Binance to boost crypto adoption.
It should be noted the amount of the transaction has not been disclosed.
Binance CEO Changpeng 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."
Binance has not only bought Swipe, but it has also added the platform's native token to its exchange, so users can now trade it with the following pairs: SXP/BTC, SXP/BNB and SXP/BUSD.
The agreement also includes the acquisition of a certain amount of SXP tokens by Binance, most of which will be locked for several years.
Swipe has also listed BNB, Binance's native crypto, allowing users to buy and sell the currency with their linked bank accounts, and making BNB spendable with fiat through Swipe's Visa debit card.
The card, which has been renamed Binance Card, is currently available in 31 countries in the European Economic Area and is issued by Contis Financial Services, a principal Visa member.
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