Leading cryptocurrency exchange Binance has confirmed its cooperation with Swipe to launch a debit card - Binance Card.
According to content in the FAQ section of "Binance Card" of this exchange: "Binance has partnered with Swipe to provide the Card platform for Binance users." As such, the rumor earlier this week about Binance shaking hands with Swipe to launch a payment card is true.
Accordingly, Binance acquired a majority stake in Swipe. However, to date, Binance spokesman still declined to comment on the deal.
The plan to launch its branded payment card has been implemented by Binance since March. At that time, the exchange said that Binance Card "can do everything that a normal payment card does, in addition to so it has more than that. ”
According to the FAQ section - which has now been deleted, it shows that Binance Card will allow the conversion of cryptocurrencies to fiat currencies in real-time, thereby helping users to use them at global merchants.
Binance said it will aggregate the value of the card wallet based on the market price of the cryptocurrency and this aggregate balance will allow users to spend their cryptocurrency.
Users can transfer money to the card wallet from the exchange's spot wallet based on daily limits, Binance said, adding: "The transfer is instant and available for immediate use."
This card will work globally, Binance revealed, as it works with many networks around the world. Cardholders can also withdraw cash at ATM for free when they are in cash withdrawal support area.
Notably, Swipe also launched its own crypto Visa debit card. Binance Card will be issued as a white-label product (White-label) through Swipe.
Swipe issues its card through Contis Financial Services Ltd, a Visa member licensed by the United States Financial Services.
A Contis spokesperson told The Block that Swipe is their customer, but Binance is not. They declined to comment on the partnership between Binance and Swipe.
With Binance's influence and global coverage, this new news of cooperation has pushed the price of Swipe token (SXP) higher in recent days. The token currently sees a 22% increase to trade at $ 0.64.
At this point, what many are waiting for is whether Binance will list SXP tokens or not when the exchange has become a major shareholder of Swipe.