Binance To Launch Its Own Debit Card In Partnership With Swipe
Crypto exchange giant Binance has confirmed a partnership with Swipe, one of the world’s largest digital currency exchange, to launch its new debit card on its now-defunct website. Binance is working with Swipe to provide its users with a mapping platform, “said a statement from the company’s chief executive and co-founder, Jihan Wu.
This confirms a report from Block earlier this week, which reported that Binance is working on launching its card with Swipe. Block also announced at the time that it had acquired a majority stake in Swipes, a stake the stock exchange declined to confirm at the time. A Treasury spokesman also declined to comment when asked today.
Binance’s plans for a branded card have been in the works since March, according to a report from Block earlier this week, as well as stories from other sources.
At the time, the exchange said that the Binance Card “does everything that a standard payment card does, except everything that regular payment cards do. The now-deleted FAQ section shows that the original announcement of the B finance card states that it would allow the transfer of money from cryptocurrencies to Fiat currencies that can be used by merchants worldwide. Users can transfer payment directly from their wallet to their credit card wallet based on a daily limit,” Binance said, adding that this will be available immediately and immediately.
When you make a purchase, the card instructs the merchant to deduct the total amount from your account. When you withdraw your card and enter your card number online, merchants will ask you to deduct the total amount from your checking account, according to the company’s official website.
The map will work globally, Binance said, working in numerous networks around the world, working in the United States, Europe, Asia, Africa, Latin America, the Middle East, and the Asia-Pacific region.
It is worth noting that Swipe already offers the crypto-Visa debit card that it owns, but it is a Visa member licensed by the UK’s Financial Conduct Authority.
As Block reported earlier this week, the Binance Cards are already issued in the US, Europe, Asia, Africa, Latin America, and the Middle East. Cardholders can withdraw cash from an ATM as long as they are in a region that allows cash withdrawals.
Given Binance’s global reach and influence, the partnership news has driven up the price of the SXP swipe token. The token is currently up about 22% and was trading at $0.64 at the time of publication, compared with a low of $1.00 on Tuesday morning. A spokesman for Contis told Block that it was not aware of any partnership between the two companies other than the introduction of the new debit card, but that Swiping was its customer. An official from the UK’s Financial Conduct Authority and the US Treasury declined to comment on the B financial firm’s partnership with the company.
It remains to be seen whether Binance will list SXP on the New York Stock Exchange, and in which case it would be Swipe’s majority shareholder.
