Binance, the leading Encryption and blockchain infrastructure provider, Today announced that it will acquire the remaining outstanding shares of Visa-based cryptocurrency Swipe Issuing platform This enables users to use cryptocurrency in real time.
In July 2020, Binance acquired a majority stake in Swipe. The goal is to further mainstream the adoption of cryptocurrencies by bridging the gap between legal currencies and digital assets, especially through traditional financial systems for payment and purchase of cryptocurrencies.
Today, Binance and Swipe work with regulated and licensed entities to issue Visa cards, and Swipe acts as Binance’s card project manager and technology platform. Swipe also cooperates with strategic partners to issue cards Allowed regions and markets.
After completing the purchase of the remaining outstanding shares, Swipe CEO Joselito Lizarondo will step down and leave Binance.
Binance founder and CEO CZ said: “Swiping cards has helped Binance and Binance Card take a big step towards a future where digital assets become the daily payment choices of millions of people.” “I would also like to thank Joselito for his comments on Swipe and Binance’s contribution. Joselito is both a great entrepreneur and a strategic thinker. I wish him all the best in his next endeavours.”
The terms of the share purchase were not disclosed.
“Binance helped Swipe grow to new heights. In this year alone, Visa-crypto-related processing exceeded $1 billion. I believe that in Binance’s hands, the mission of bridging cryptocurrency and commerce will continue to be strong. I want to thank What CZ and the entire Binance organization did during my tenure,” Joselito Lizarondo commented.
Q: Why did Jose Jr. decide to leave Swipe?
A: Joselito decided to leave Swipe to engage in his own personal projects and personal affairs.
Q: What are the plans for Joselito after he leaves Swipe?
Answer: In the near term, Joselito will focus on personal projects and will share any further updates in due course.
Q: Who will replace Joselito? Who will lead the Swipe team forward?
Answer: There is no immediate replacement plan. The Binance and Swipe teams will work together to bring encrypted Visa cards to more users around the world.
Q: Are there any product or service changes related to this announcement?
A: No, there will be no service changes.
Q: Will there be any changes to the way Swipe operates or its brand?
Answer: No, as an entity, Swipe will continue to focus on bridging the gap between legal assets and encrypted assets.