Binance is to acquire the remaining outstanding shares of Swipe, the industry’s leading cryptocurrency Visa card issuing platform that enables users to instantly spend cryptocurrencies at over 70 million locations worldwide.
In July 2020, Binance acquired a majority stake in Swipe with the goal to further mainstream adoption of cryptocurrencies by bridging the gap between fiat and digital assets, notably payments and purchases in cryptocurrencies through traditional financial systems.
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. Swipe also works with strategic partners to issue cards in permitted regions and markets.
Following the completion of the purchase of the remaining outstanding shares, Swipe CEO Joselito Lizarondo will step down and leave Binance.
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Binance reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.