Binance Card Coming to the US Market as Swipe Partners with a Bank
Binance acquired a multi-asset digital wallet and Visa debit card platform; Swipe has partnered with Evolve Bank & Trust to tap the US market.
In the Q2 of 2020, the bank reported about $600k in total assets and a net income of $2,767.
Thanks to this partnership, the Philippines headquartered Swipe will be offering US Dollar checking accounts for its users in the US market that will be accessible via its application. This means users will be able to deposit their direct deposit paychecks into this account. Swipe CEO, Joselito Lizarondo said,
“Partnering with Evolve Bank & Trust gives Swipe the ability to offer a simplified banking experience while utilizing the user-friendly Swipe Wallet application. Users will have access to the same checking account features most brick-and-mortar banks provide, but without any fees.”
The accounts are FDIC insured, and users can use them to purchase and sell supported cryptocurrency via ACH and wire payment networks.
The service will be provided in the next quarter of 2020.
SXP didn’t react to the news as it trades at $2.96, down 3.95% in the past 24 hours. The token hit its all-time high at $4.98 a couple of weeks back.