Binance is in the process of acquiring all outstanding shares in Swipe, a platform for creating cryptocurrency cards

Binance will purchase all remaining Swipe shares, and Swipe CEO Joselito Lizarondo will resign. Binance is in the process of acquiring all outstanding shares in Swipe, a platform for creating cryptocurrency cards.

Binance, a prominent cryptocurrency and blockchain infrastructure provider, said today that it would purchase the remaining outstanding shares of Swipe, a Visa-based cryptocurrency card issuance platform that allows real-time cryptocurrency spending.

Binance purchased a controlling share in Swipe in July 2020 with the objective of increasing popular use of cryptocurrencies by bridging the divide between fiat and digital assets, most notably payments and purchases in cryptocurrency through existing banking institutions.

Today, Binance and Swipe collaborate to issue Visa cards via regulated and licenced organisations, with Swipe serving as the card programme manager and technological platform for Binance. Additionally, Swipe works with key partners to provide cards in authorised territories and markets.

Joselito Lizarondo, Swipe’s CEO, will step down and depart Binance after the conclusion of the acquisition of the remaining outstanding shares.

“Swipe has aided Binance and Binance Card in making significant strides toward a future in which digital assets may become an everyday payment option for millions of users,” CZ, Binance’s Founder & CEO, said. “I’d also want to express my gratitude to Joselito for his work on Swipe and Binance. Joselito is an exceptional entrepreneur as well as an astute strategic thinker. I wish him well in his future endeavours.”

The acquisition price for the shares was not revealed. “Binance has aided Swipe’s growth to unprecedented heights, with the company handling over $1 billion in Visa-crypto transactions this year alone. I’m certain that Binance’s objective to connect cryptocurrency and business will thrive. I’d want to express my gratitude to CZ and the whole Binance group for all they’ve accomplished during my time there,” Joselito Lizarondo said.

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