Now it's official. After spending some time on a takeover of the multi-asset wallet was speculated, Binance confirmed these rumors today. With the purchase of Swipe, Binance is taking a further step towards its own crypto credit card, because Swipe not only offers a wallet, but also a Visa Debit Card.
50 million acceptance points for Swipe crypto credit cards
Binance is regularly expanding its business area. Starting as a crypto exchange just three years ago, Binance has grown to become one of the largest crypto companies in the world. With the takeover of Swipe, the Bitcoin exchange is devouring another company from the crypto space.
- Binance (@binance) July 7th, 2020
Swipe is not only a multi-asset wallet for the safe storage of cryptocurrencies, but also a crypto bank. A combination of smartphone app and crypto credit card makes it easier for customers to use their cryptocurrencies as a form of payment. According to the website, Swipe is accepted in more than 50 million places, wherever VISA cards are accepted for payment.
After Binance takeover: SXP price increases 20%
An important part of the Swipe ecosystem is the Swipe Token SXP. The cryptocurrency that was developed to serve as the basis for transactions on the Swipe network. As is already known from Bitpanda with the BEST token, SXP can be used to reduce transaction fees, for example. In addition, users can stack SXP to receive higher rewards.
Like Binance in one Blog Post announces that the exchange will list the SXP token as a result of the Swipe takeover. The rate of the cryptocurrency rose significantly on the news of the takeover. Compared to the previous day, the SXP token is 20% higher. The price is $ 0,68 USD.
The Bitcoin exchange notes that the takeover has given it a stake in SXP tokens. But Binance promises to lock the tokens away over a period of several years and to support the development of the swipe ecosystem with the tokens.
Markus from Kryptokumpel.de
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