Binance to Acquire the Remaining Outstanding Shares of Swipe

Binance, one of the largest crypto exchanges in the world, announced on December 30 that it plans to acquire the remaining outstanding shares of Swipe, the industry's leading cryptocurrency Visa card issuing platform. The acquisition will enable users of Binance to instantly spend their crypto-assets at over 70 million locations worldwide.

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 Binance, Swipe serves as its card program manager and technological platform, partnering with regulated and licensed firms to issue Visa cards. Swipe also collaborates with key partners to issue cards in permitted areas and regions.

Swipe's current CEO, Joselito Lizarondo, will step down once the acquisition is finalized. 

Binance, although facing regulatory pressure this year accross jurisdications, is still growing its presence through fresh acquisitions and the expansion of its services to other markets. Most recently, the crypto exchange was approved for an in-principle license by Bahrain's central bank to operate as a crypto asset service provider as well as a cryptocurrency financing license in Canada.

Swipe is based in the Philippines and has operations in 31 countries, the majority of which are in the European Union. The widely used cryptocurrency Visa issuing platform now accepts transactions in major fiat currencies such as the pound sterling, euro, and US dollar. 

​Swipe's native token  SXP has reportedly surged by more than 30% to almost $2 in minutes after Binance' announcement of this new acquisition.