Binance to acquire outstanding shares in crypto card issuing platform Swipe
Binance, a leading crypto & blockchain infrastructure provider, announced today will acquire the remaining outstanding shares of Swipe, a Visa-based crypto card issuing platform that enables users to spend cryptocurrencies in real-time.
In July 2020, Binance acquired a majority stake in Swipe with the goal to further mainstream adoption of cryptocurrencies by bridging the gap between fiat and digital assets, notably payments and purchases in cryptocurrency through traditional financial systems.
Today, 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.
Following the completion of the purchase of the remaining outstanding shares, Swipe CEO, Joselito Lizarondo, will step down and leave Binance.
“Swipe has helped Binance and Binance Card make considerable progress towards a future where digital assets can become a daily payment option for millions of people”, remarked CZ, Binance Founder & CEO. “I also want to thank Joselito for his contribution to both Swipe and Binance. Joselito is both a great entrepreneur and a strategic thinker. I wish him all the best for his next endeavor,”
Terms of the share purchases were not disclosed.
“Binance has helped Swipe grow to new heights, with over $1B in Visa-crypto linked processing just this year. I feel confident that the mission to bridge crypto and commerce will continue strongly in Binance’s hands. I want to thank CZ and the entire Binance organization for everything they have done during my tenure there,” commented Joselito Lizarondo.
Q: Why did Joselito decide to leave Swipe?
A: Joselito decided to leave Swipe to work on his own personal projects and personal matters.
Q: What are Joselito’s plans following his departure from Swipe?
A: For the immediate term, Joselito will focus on personal projects and will share any further updates at the appropriate juncture.
Q: Who will replace Joselito? Who will lead the Swipe team going forward?
A: There are no immediate plans for a replacement. Binance and the Swipe team will work together to bring crypto Visa cards to more users worldwide.
Q: Are there any product or service changes associated with this announcement?
A: No, there will not be any service changes.
Q: Will there be any changes to how Swipe operates or to its brand?
A: No, Swipe as an entity will continue to focus on bridging the gap between fiat and crypto-assets.
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