Binance-backed Crypto Card Provider, Swipe, Gets The ‘Green Light’ To Launch In The US
Everything is becoming bigger and better for the largest crypto exchange, Binance as its recently acquired debit card provider, Swipe.io receives the green light from authorities to launch in the U.S. The card company currently services over 30 countries across the world after the crypto card launch in Europe in July.
SXP; Swipe’s native token surged over 20% in less than an hour after the news broke from Binance. The token has since retraced – trading at $3.22, representing a 2.4% drop in the past 24 hours.
#Swipe is thrilled to announce we have received the green light to launch in the #USA 🇺🇸. More details surrounding the US launch campaign and the announcement of our new banking partners coming soon. Wallet & Card availability will open to US users thereafter.
— Swipe (@SwipeWallet) August 18, 2020
Swipe.io enters the U.S.
Binance will be introducing the Binance Card to the U.S. markets in the coming days, following approval from U.S. financial authorities on Swipe.io’s launch in the country. While the company is yet to confirm the date of Binance Card launch, Binance CEO, Changpeng “CZ” Zhao, confirmed the card is currently completing its beta phase trials.
“#Binance Card – I think I can finally go from 99% to 100% crypto.”
To pay for goods and services at over 46 million VISA enabled merchant stores, users simply load their card through their Binance accounts, and the debit card directly converts it into fiat currency.
In June, BEG reported Binance acquired a ‘major stake’ in the crypto payment solutions provider in a bid to launch the Binance-branded card. Since the acquisition, Swipe has expanded across 31 countries across the world especially the European Union and Asian countries.
After registering and licensing of Binance Card in the U.S., Swipe founder, Joselito Lizarondo sees growth in cryptocurrency adoption rates with a ‘potential of 200 million adults in the U.S.’ using it.
Swipe is a digital asset wallet providing a platform for crypto-to-fiat exchanges, allowing users to spend their cryptocurrency freely. CZ said,
“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.”
Swipe.io token, SXP surges 100% in a month
The native SXP token is a utility token used to pay for transaction fees on the network and further offer fee discounts to its users. It is also used as a staking asset offering the stakers up to 12% APY on the Swipe blockchain. Shortly after the announcement, SXP surged over 25% in an hour, touching resistance at $4.00 before retracing to $3.22. The coin, however, is up 100% in the past month, according to Coingecko.