Binance, a leading crypto and blockchain infrastructure provider, today announced the acquisition of the remaining outstanding shares of Swipe, a Visa-based crypto card issuance platform that allows users to spend crypto-currencies in real time.
In July 2020, Binance acquired a controlling stake in Swipe with the aim of mainstreaming cryptocurrency adoption by bridging the gap between fiat and digital assets, including cryptocurrency payments and purchases through traditional financial systems. .
Today, Binance and Swipe are working 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 authorized regions and markets.
After the purchase of the remaining outstanding shares is finalized, Swipe CEO Joselito Lizarondo will step down and leave Binance.
“Swipe has helped Binance and Binance Card make tremendous strides towards a future where digital assets can become a daily payment option for millions of people,” said CZ, founder and CEO of Binance. “I would also like to thank Joselito for his contribution to Swipe and Binance. Joselito is both a great entrepreneur and a strategic thinker. I wish him all the best for his next venture,”
Terms of the share purchases were not disclosed.
“Binance has helped Swipe reach new heights, with over $ 1 billion in Visa-crypto related processing this year alone. I have no doubts that the mission of connecting crypto and commerce will continue strongly in the hands of Binance. I want to thank CZ and the entire Binance organization for everything they did during my tenure there, ”commented Joselito Lizarondo.
Q: Why did Joselito decide to leave Swipe?
A: Joselito has decided to leave Swipe to work on his own personal projects and personal affairs.
Q: What are Joselito’s plans after leaving Swipe?
A: For the time being, Joselito will focus on personal projects and share any other updates when appropriate.
Q: Who will replace Joselito? Who will lead the Swipe team in the future?
A: There are no immediate plans for a replacement. Binance and the Swipe team will work together to bring crypto Visa cards to more users around the world.
Q: Are there any product or service changes associated with this announcement?
A: No, there will be no change of service.
Q: Will there be any changes in how Swipe works or in its brand?
A: No, Swipe as an entity will continue to focus on the reconciliation between fiat assets and crypto assets.