Binance acquires Swipe which enables users to hold multiple assets in their digital wallet. Additionally, Swipe enables customers to spend Crypto through its Visa debit card on the platform. You can easily pay with your Crypto anywhere Visa is accepted in the world.
Swipe’s debit card has a special facility that allows users to access and spend their Crypto on the platform instantly. Crypto to fiat conversion happens in a few seconds seamlessly abstracting the blockchain elements. Swipe acquisition may be the answer to the delays Binance faced in launching their own cards.
How acquisition of Swipe Helps Binance?
Swipe is a crypto to fiat gateway that enables you to spend cryptocurrencies as fiat currencies. It wants to make crypto finance more mainstream for day to day transactions. It connects existing traditional payment networks to the new age cryptocurrencies.
Binance CEO CZ understands off ramps are key to taking Crypto to masses. The payment network should be frictionless and seamless with high reliability. In order to fulfill his vision, Binance acquires Swipe and makes it easier for merchants to adopt Swipe and convert to fiat as and when customers pay with Crypto. I believe Crypto will go mainstream all of a sudden in the next 2 years. Technology scaling is really fast.
With the acquisition complete, you will normally expect their native token to be cross listed in both the platforms. Binance adds SXP token to its exchange and Swipe also simultaneously adds Binance’s BNB token to its platform.
Increasing confidence among Merchants to accept Crypto
The primary unique value proposition of Swipe is that the cryptocurrencies that customers on their Swipe Visa debit Card is automatically converted to Fiat for the merchant instantly. This way, businesses don’t have to worry too much about compliance or excessive paperwork or the volatility in cryptocurrency value.
Additionally, the Swipe app currently supports more than 30 digital currencies which can remain in its native crypto form until the user swipes or taps the card on a point of sale unit.
The digital currency user decides to pay with transitions to a fiat currency after passing through Visa payment network. Finally, this enables users to pay with Crypto instantly at more than 50 million shops, malls or other locations all around the world.
What Countries Accept Swipe?
Swipe is available in 31 countries within the European Economic Area. Swipe debit cards become operational through a Visa Principal Member. As a result, UK FCA regulates Contis Financial and makes sure AML and KYC laws are intact.
Currently, you can make Swipe transactions in major currencies like Euros, GBP and USD. Swipe has major plans for a full scale launch in NORAM and Asia soon.
Finally, spend cryptocurrencies directly at your favorite places and enjoy!