In a recently deleted web page cryptocurrency exchange giant, Binance acknowledged its collaboration with Swipe to launch its crypto card. Through an accidental update on its website, Binance affirmed the collaboration stating:
“Binance has partnered with Swipe to provide a Card platform for Binance users.” Binance plans for a branded card have been in preparation since March 2020. Besides, in the recently erased web page, Binance wrote that its card would allow “real-time” conversion of cryptocurrency to fiat currency to be transacted by merchants worldwide.
Binance expanding its scope
Notably, Binance is one of the world’s leading cryptocurrency exchange platforms. It introduced its first crypto card in March 2020, which they stated was just like any regular bank card. However, the crypto card has some extra features that allow users to pay for their purchases with their saved cryptocurrencies.
The card can be used globally without any geo-restrictions. Advance card registration was $15, on the other hand, Swipe has business operations in Estonia and the United Kingdom, with headquarters in the Philippines. It has its own crypto debit card that supports approximately 30 digital currencies. Swipe’s crypto card can be acquired through Contis Financial Services Limited, a Visa member licensed by the UK Financial Conduct Authority.
Binance crypto card features yet to be disclosed
Binance is becoming a well-rounded player in the cryptocurrency industry, with several crypto community experts panicking that it will become a monopoly in the future. Binance, however, dismissed these allegations and explained that they believed in co-existence.
In conclusion, The Block reported on a possible investment in Swipe by Binance, assuming a majority stake in the company. None of the two companies, however, has confirmed this. Binance has not yet formally revealed its collaboration with Swipe, as well as the features of its crypto card.