Binance Preparing to Buy Majority Stake in Crypto Startup Swipe Amid Plans to Roll Out Debit Card

Binance is reportedly finalizing a deal to buy a majority stake in the digital currency payment platform Swipe.io. The move sets the stage for the crypto exchange to roll out its own debit card.

Binance could announce the deal within the week, according to The Block.

The crypto exchange announced in April that it is working on a Binance Card that will allow users to pay for goods and services with their Bitcoin (BTC) or Binance Coin (BNB) balance in their Binance account.

“No longer will you need to sell your crypto to pay bills. With the Binance Card, you can keep HODLing, and spend only what you need to make a payment.”

Binance says its card will be accepted by over 46 million online and offline merchants in 200 territories.

At the time of the announcement, the firm said the Binance Card is available only as a virtual card in a beta version and that the company has yet to release the physical card. The Block says Swipe will issue the physical card as a white-label product.

Swipe offers crypto-funded Visa debit cards on top of its multi-currency crypto wallet services.

Swipe cards are issued by Contis Financial Services Ltd, a principal Visa member authorized by the U.K. Financial Conduct Authority, according to Swipe’s website.

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Source: https://dailyhodl.com/2020/06/30/binance-preparing-to-buy-majority-stake-in-crypto-startup-swipe-amid-plans-to-roll-out-debit-card/