Binance Exchange to Acquire Major Stake In Crypto Payments Provider, Swipe.io: Report

A report from TheBlock reveals that top crypto exchange, Binance is in talks to acquire a majority of the stake in Swipe.io – a crypto payments startup.

While the agreement has yet to be made official, the exchange looks to push through the deal, intending to launch the main version of its Binance Card, a crypto payments debit card.

Back in April, Binance announced the launch of a Beta version of the Binance Card, which allowed users to spend crypto with over 46 million VISA accepted merchants across the world. The card costs $15 for pre-orders with no hidden or additional costs attached.

To begin, the card will start with support for Bitcoin (BTC) and Binance Coin (BNB), but the acquisition of Swipe.io, which allows multiple currencies, could open up the card to allowing more digital assets to be used.

Swipe.io, on its part, will produce the Binance Cards as a white-label product allowing Binance users to spend crypto instantly, with enhanced security features such as a card tracking feature. The official announcement on the acquisition may come later in the week.

The crypto payments platform recently announced a partnership with Samsung Pay to add its Visa debit card option. The addition of Samsung Pay saw the company become the inaugural company to provide this service to both Samsung Pay and Google Pay.

We have reached out to Binance, but as of press time, we have not heard back. We will update this article when they respond.