SXP Soars 30% as Binance Agrees to Acquire the Outstanding Swipe Shares
3 h ago•1 min read•Other
The world’s leading digital asset exchange has agreed to acquire the outstanding shares of the cryptocurrency visa card issuer – Swipe. After finalizing the deal, the latter’s CEO will step down and leave Binance.
CryptoPotato reported back in July 2020 when Binance purchased the majority of shares of the Visa card issuing platform Swipe. At the time, both entities failed to highlight the amount paid for the deal, but it was known that the most significant portion of Swipe’s shares had become Binance’s. Now, though, the exchange announced that it has agreed to acquire the “remaining outstanding shares of Swipe.” The statement described Swipe as the “industry’s leading cryptocurrency Visa card issuing platform that enables users to instantly spend cryptocurrencies at over 70 million locations worldwide.” The company promised to enhance its Visa card program as it works together with Swipe to resolve any regulatory hurdles that could come up when launching crypto-focused cards. Swipe acts as Binance’s “card program manager and technology platform” while also working with strategic partners to issue cards in permitted regions. The statement also indicated that Joselito Lizarondo, the CEO of Swipe, will “step down and leave Binance” after the deal is completed. After the announcement, Swipe’s native token – SXP – surged by more than 30% to almost $2 in minutes.