Binance Exchange Looks to Acquire Outstanding Shares in Swipe
Binance Exchange, the world’s biggest trading platform by volume, is ending its year in grand style, with a recent announcement that it is set to acquire the outstanding shares in Swipe, a Visa card issuing platform.
Per the announcement, Binance currently works with Swipe, who is the exchange’s technology partner when it comes to issuing function crypto-cards powered by payment giant Visa Inc. The Binance-Swipe relationship was cemented back in July last year when the trading platform “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 cryptocurrencies through traditional financial systems.”
The duo’s relationship has been coloured by strict adherence to regulations as both works 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.”
Binance Chief Executive Officer, Changpeng Zhao, popularly known as ‘CZ’, has often expressed that the exchange is a very profitable platform. This has been highly showcased in the series of strategic acquisitions that have been made in the past years. From the acquisition of Trust Wallet to CoinMarketCap, Binance ranks as one of the trading platforms that has made the most strategic and expensive acquisitions to date.
The exchange did not reveal the monetary terms of the remaining shares it hopes to acquire. However, it noted that when the acquisition is completed, Swipe CEO Joselito Lizarondo will step down and leave Binance.
Acquisitions are becoming a game in the digital trading platform as the bigger players look for promising firms that can help bolster their growth tracks. As reported by Blockchain.News, FTX Derivatives exchange also made one of the most expensive acquisitions in crypto history when it purchased Blockfolio for $150 million back in 2020.
Image source: Shutterstock