KEY POINTS

  • Crypto exchange Binance acquires Philippine-based Swipe Wallet to boost its crypto debit card project
  • Binance CEO Changepeng Zhao beta-tested the crypto card to pay for services or products from Amazon, Grab, and Lazada
  • Swipes technology allows a digital asset to maintain its native form until the point-of-sale or transaction occurs

Binance’s upcoming crypto debit card has had a major milestone after the company acquired for an undisclosed amount the Philippine-based Swipe Wallet, a multi-asset digital wallet and debit card that allows users to buy, sell, convert, and even spend cryptocurrencies. 

In a statement, Swipe Wallet said both companies will work to bridge the gap between fiat and digital assets, as well as further the adoption of cryptocurrency. CEO Joselito Lizarondo said partnering with Binance allows Swipe to be in a position to make cryptocurrencies more accessible for users worldwide.

According to Binance CEO Changpeng Zhao, a key component in making crypto available to masses is to make it more accessible. “By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone,” Zhao said further. 

Zhao shared on Twitter he has been beta testing the Binance Card, powered by Swipe. Binance’s BNB token, along with other major cryptocurrencies, can be converted by the card to Euro at over 50 million locations worldwide.

Zhao had used the crypto card to purchase an audible book on Amazon and pay for services or products from Southeast Asia-based ridesharing/fintech firm Grab and e-commerce platform Lazada. 

According to news outlet Decrypt, it appears Zhao is implying an impending release for the Binance Crypto Card. Decrypt further said Binance might be having difficulty in releasing the card as Zhao once admitted varying regulatory requirements from different countries appears to be an ongoing issue for them. Furthermore, no explanation was given by the company when the Visa logo was removed from the crypto card’s homepage.

According to Swipe, its platform supports a number of digital assets that enable them to remain as digital assets until a point-of-sale or transaction occurs. The user selects the asset to be converted to fiat, which will then load on the Swipe Visa Debit Card. Cardholders also expect up to 4% cashback in Bitcoin after every purchase.

Swipe is currently available in 31 countries within the European Economic Area.

binance swipe Binance Acquires Swipe Wallet Photo: Swipe Wallet binance swipe Binance Acquires Swipe Wallet Photo: Swipe Wallet