Binance is expanding its reach into the payment industry with its acquisition of Swipe. Swipe is a digital wallet, crypto trading platform, and Visa debit card, all rolled into one.
Swipe users can deposit or trade over 30 cryptocurrencies, including Binance’s native BNB token. The Swipe debit card then allows users to spend their crypto assets at over 50 million locations worldwide, wherever Visa is accepted. The most intriguing part of the Visa card is the merchant won’t know if you paid in crypto or fiat, as they only see their native currency. All the conversions are virtually instant and in the background.
Binance will use this acquisition to further bridge the gap between traditional currencies and digital assets. Binance previously announced plans to launch a debit card back in April, but it didn’t materialize. The recent acquisition of Swipe now gives Binance the tools it needs to connect its trading platform to traditional payment systems around the globe.
We see this Fintech type of acquisition adding yet another revenue stream to Binance’s other recent developments, such as crypto pool mining, the derivative platform FTX, and CoinMarketCap acquisition. Binance is clearly becoming a dominant player in crypto, which is why we think BNB will gain more from here.
Swipe users can deposit or trade over 30 cryptocurrencies, including Binance’s native BNB token. The Swipe debit card then allows users to spend their crypto assets at over 50 million locations worldwide, wherever Visa is accepted. The most intriguing part of the Visa card is the merchant won’t know if you paid in crypto or fiat, as they only see their native currency. All the conversions are virtually instant and in the background.
Binance will use this acquisition to further bridge the gap between traditional currencies and digital assets. Binance previously announced plans to launch a debit card back in April, but it didn’t materialize. The recent acquisition of Swipe now gives Binance the tools it needs to connect its trading platform to traditional payment systems around the globe.
We see this Fintech type of acquisition adding yet another revenue stream to Binance’s other recent developments, such as crypto pool mining, the derivative platform FTX, and CoinMarketCap acquisition. Binance is clearly becoming a dominant player in crypto, which is why we think BNB will gain more from here.
