Did Binance buy out Swipe to issue its crypto debit card?
Binance announced plans to issue a "Binance Card" crypto debit card last March. Rumor has it that its acquisition of the young company Swipe will allow it to carry out this plan.
Binance Cards for everyone soon?
The rumors agree, circulating since Tuesday between the exchange platform Binance and startup Swipe, seem to indicate this Thursday, July 2.
Crypto-media The Block has had time to spot an update to the Binance FAQ web page. This update dealt with the Binance Card. Although this page is no longer accessible (published too early?), It is still searchable thanks to its cached version.
When asked who will issue the famous Binance crypto debit card, the FAQ answered:
Binance has partnered with Swipe to provide a [debit] card platform to its users. The issuer will be a financial institution that is identified on your cardholder contract based on your geographic area. Each region will have its own card issuer.
You can also read there that the crypto to fiat conversion will be done automatically when paying:
The Binance Card allows real-time conversion of cryptocurrencies to fiat money, which makes it usable for merchants around the world.
A new counter acquisition?
After the acquisition of CoinMarketCap - the data aggregator in the crypto market - it is therefore a new company in which the giant Binance has just acquired the majority of the shares.
The Swipe.io platform already has its own debit card offer (Swipe Card) itself. The young company issuing the card through Contis Financial Services Ltd. This financial company is a member of the Visa network. It is also regulated by the British FCA (the Financial Conduct Authority).
If an official announcement confirms Binance's majority stake in Swipe, it will confirm a strong momentum for the acquisition of the most famous of exchange platforms. What strengthen the comprehensiveness of its offer, and therefore its monopoly position. Not sure that this rejoices those who already denounce the important centralization that represents the crypto-stock market.
If binance could have this great idea it will be really cool and I would love it, the bank charges over here are getting more crazy.
Binance is definitely the best exchange I've ever tried.
binance is buying everything, I don't know what they are building, but whatever it is, holding so much power is toxic. Some companies they are buying should be independent of an exchange.
@tipu curate
Upvoted 👌 (Mana: 12/20) @swap.app - quick steem <-> sbd swaps