Leading cryptocurrency exchange Binance has announced the acquisition of crypto payments platform Swipe for an undisclosed amount. Both companies revealed they will “work together to further mainstream adoption of cryptocurrencies,” by bringing fiat and digital assets further together.

The acquisition will get Binance one step closer to launching its Binance Card, a crypto debit card that is accepted at over 50 million locations throughout the world. The deal will, as such, allow Binance users to use cryptos as a payment method in the traditional financial system.

Binance CEO Changpeng Zhao noted that off-ramps are a key component to be considered in the firm’s mission of “making crypto more accessible to the masses,” and added:

“By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone.”

Binance and Swipe have listed each other’s native tokens, as the exchange added SXP token trading pairs, while Swipe added Binance Coin (BNB) to the cryptocurrencies available as a payment method on its platform.

Swipe’s cards, which convert cryptoassets into fiat at the point of purchase so users pay with crypto but merchants receive in fiat, is available in 31 countries within the European Economic Area, and support transactions in euros, pounds, U.S. dollars, Korean won, and Philippine pesos.

Source: https://www.cryptocompare.com/email-updates/daily/2020/jul/08/