Binance has announced plans to acquire the remainder of the outstanding shares from Swipe, the cryptocurrency Visa card issuer.
The biggest cryptocurrency exchange by trading volume will buy the rest of the outstanding shares of Swipe. Given that Swipe users have the opportunity to use 70 million locations globally to spend their crypto, with this move Binance will be able to compete with Mastercard and Paypal that provide services related to cryptocurrencies.
Aiming to fill the discrepancies among the fiat and cryptocurrency market, Binance first acquired controlling shares in Swipe back in July of 2020.
Binance made an official statement confirming that “Binance is to acquire the remaining outstanding shares of Swipe, the industry’s leading cryptocurrency Visa card issuing platform. 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.”
There have been successful and challenging events surrounding Binance with equal measure in the year 2021. The biggest crypto exchange platform has been subjected to major changes as dictated by external governmental regulations of the cryptocurrency industry. Yet, Binance has managed to stay strong in the face of adversity by adjusting quickly to imposed regulations. The crypto giant has made strides in the vetting of nations for the continuance of its operations as well as the vast acquisitions made during the year.
The latest advancements in expanding its crypto services include Bahrain granting the crypto exchange an in-principle authorization for providing cryptocurrency services, and Canada granting an MSB license to Binance for making crypto-related services available within its borders.
Binance has also recently revealed a partnership with Telkom Indonesia to launch a crypto hub, and it did the same with the Dubai World Trade Centre.
Binance.US is on the verge of closing what is perceived to be the biggest funding round yet per Changpeng Zhao, the CEO. Binance.US is expected to raise north of $200 million in this round.
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