Binance is looking to buy all remaining shares of Swipe.
On Thursday, Binance announced that the exchange will acquire the remaining outstanding shares of Swipe, the company that brings cryptocurrency to commerce and standard banking.
#Binance to acquire outstanding shares of @Swipeio.https://t.co/W8nGxkV8gA
— Binance (@binance) December 30, 2021
Binance wrote in its official blog post:
“In July 2020, Binance acquired a majority stake in Swipe with the goal to further mainstream adoption of cryptocurrencies by bridging the gap between fiat and digital assets, notably payments and purchases in cryptocurrencies through traditional financial systems. Binance and Swipe work with regulated and licensed entities to issue Visa cards, with Swipe acting as Binance’s card program manager and technology platform. Swipe also works with strategic partners to issue cards in permitted regions and markets.”
Binance further said that as soon as the purchase of the remaining outstanding shares gets completed, Swipe CEO Joselito Lizarondo will announce retirement and leave. Swipe (SXP) is a platform that forms a bridge between the fiat and cryptocurrency worlds with its API that is designed to create global payment cards powered by its native SXP token.
In response to this news, Swipe (SXP) token price skyrocketed 31% to $2.08, with a 24-hour trading volume of $1,202,739,120 USD, 1247.04% up from the previous trading session. Swipe is currently the 156th biggest cryptocurrency in the world, with a live market cap of $400,487,850.43.
