Binance Making Ripples in Crypto with New Partnerships; Acquiring Swipe & Etana Fiat Onramp
- Binance announces a strategic partnership with Digital Asset Custodian Etana to extend its fiat onramp services to 15 fiat currencies.
- This, together with their most recent crypto credit card, Swipe aligns with their objective of availing crypto to the masses as they look to onboard over 180 currencies to their onramp and off-ramp services.
News has now emerged that leading crypto exchange, Binance will be extending its support for 15 extra fiat currencies to its vast platform. This was after the 7th June announcement revealing a unique partnership with Etana Custodian.
The 15 currencies are UAE dirham, Australian dollar, Canadian dollar, Swiss franc, Czech koruna, euro, British pound, Hong Kong dollar, Danish krone, Hungarian forint, Mexican peso, Norwegian krone, New Zealand dollar, Polish zloty, and Swedish krona. This will consolidate the exchange’s presence in the North American, European, Oceanian, and Asian markets.
Wei Zhou, CFO at Binance, revealed that the users could sync their accounts to channel funds from their bank accounts to the digital asset custodian via utilizing swift. They could then credit the funds available in the Etana account without incurring extra transactional charges.
This will be in line with their goal of finally onboarding 180 fiats to their fold. According to Etana top brass, they share a common objective with Binance of providing smooth and uninterrupted fiat onramps for their users. Notably, major US-based crypto exchange Kraken, a rival of Binance, also leverages Etana fiat onramp services.
Impressively, Binance recently completed a major acquisition deal. They purchased a major stake in UK based Visa crypto card issuer, Swipe. According to Binance Chief executive, Changpeng “CZ” Zhao off-ramps also have a significant role to play in their objectives of increasing accessibility of crypto to the masses.
As part of the deal, Binance will list Swipe’s token the SXP and is set to open trading pairs against BTC, the Binance coin, and their Binance USD stablecoin. They also purchased a considerable amount of the SXP which they have highlighted is locked in a multi-year contract. Though they will now rebrand to the Binance card, they have been availed to over 31 jurisdictions stretching across Europe with sights now set on the lucrative American and Asian markets that have a voracious crypto appetite.
This will now increase their incredible string of acquisitions they have made in the past, including the mega $400 Million Coinmarketcap deal. They also boast of having Indian crypto exchange WazirX and derivatives platform JEX.