Binance announced its intention to issue a crypto debit card, the “Binance Card”, last March. Rumour has it that its acquisition of the young company Swipe will enable it to put this plan into action.
Soon Binance Cards for everyone?
The rumours of an agreement, which have been circulating since Tuesday between the Binance exchange platform and the startup Swipe, seem to be becoming clearer this Thursday, July 2.
The Block crypto-media company The Block has had time to spot an update of the Binance FAQ web page. This update dealt with the Binance Card. Although this page is no longer accessible (published too early?), it is still available for consultation thanks to its cached version.
To the question of who will issue the famous Binance crypto debit card, the FAQ answered :
“Binance has partnered with Swipe to provide a [debit] card platform for its users. The issuer will be a financial institution that is identified on your cardholder agreement based on your geographic area. Each region will have its own card issuer. »
You can also read that the conversion from crypto to fiat will be done automatically at the time of payment:
“The Binance Card allows the real-time conversion of crypto to fiat currency, making it usable at merchants worldwide. »
A new acquisition on the counter?
After the acquisition of CoinMarketCap – the data aggregator of the cryptos market – it is a new company in which the giant Binance has just acquired the majority of the shares.
The Swipe.io platform already has its own debit card offer (Swipe Card). The young company issues its card through Contis Financial Services Ltd. This financial company is a member of the Visa network. It is also regulated by the British FCA (Financial Conduct Authority).
If an official announcement confirms Binance’s majority stake in Swipe, it will confirm a strong momentum for the acquisition of the most famous exchange platform. This will reinforce the completeness of its offer and thus its monopoly position. Not sure that this will please those who are already denouncing the important centralization that the crypto-swap represents.