Posted 9 months ago | by Ben Armstrong
Newest Acquisition of Crypto Debit Card Issuer Boosts the Launch of the Binance Card
This will allow the exchange to achieve its plan for the issuance of its cryptocurrency debit card, which will allow users to pay with cryptocurrency in stores around the world.
Binance and Swipe are a Perfect Match
The cryptocurrency exchange announced the news is a recently published press release by stating that “The two companies will work together to further mainstream adoption of cryptocurrencies by bridging the gap between fiat and digital assets, notably payments and purchases in cryptocurrency through traditional financial systems”.
Changpeng Zhao, Binance CEO, revealed earlier this year the platform’s plans for the launch of the Binance card, a Visa debit card that would allow merchants to use crypto to purchase goods and services that usually do not dabble in digital assets.
However, the platform experienced difficulties implementing the new card at the time which Mr. Zhao believes Swipe could help to fix, supporting the platform’s intention to give the advantage to users of using their crypto more easily.
“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,” said Mr. Zhao.
Both Binance and Swipe have listed each other’s native token, with Binance adding the trading pairs for Swipe’s SXP token on its platform, while the Binance Coin (BNB) joined the cryptocurrencies, Stablecoins, and fiat currencies available as a payment method on Swipe.
Making Purchases Easier for Merchants and Customers Alike
Swipe converts crypto assets into fiat money at the moment of the purchase, allowing the merchant to receive fiat on their end while users pay by using their crypto.
Additionally, users can get up to four percent cashback in Bitcoin on their purchases by using Swipe’s cards.
The Swipe cards are issued by Contis Financial Services Ltd, a Visa Principal Member regulated by the UK Financial Conduct Authority and available in 31 countries within the European Economic Area, supporting transactions in Euros, British Pounds, US Dollars, Korean Won, and Philippine Pesos.
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