SXP Cryptocurrency Price Rise By 30% After Binance Acquisition Announced…Details Here


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After Binance had previously announced the acquisition of a majority stake in “Swipe” shares in July 2020, the goal was to increase the adoption of cryptocurrencies by bridging the gap between traditional and digital assets, especially payments and purchases in cryptocurrencies through traditional financial systems, according to What was reported by Binance Blog.

Yesterday, Binance announced the purchase of the remaining shares of the “Swipe” company, which means its acquisition and the agreement that its CEO will step down.

We previously reported on Binance’s early move to acquire Swipe in June 2020:

Binance prepares to acquire Swipe to launch the much-anticipated payment card

At the time, both entities failed to shed light on the amount paid for the deal, but it was known that the bulk of Swipe’s shares had been acquired by Binance.

Now, Binance has announced that it has agreed to acquire the remaining shares in Swipe.

Binance’s statement described Swipe as an industry-leading Visa card issuance platform for cryptocurrency that enables users to instantly spend cryptocurrency at more than 70 million locations around the world.

The company promised to boost the Visa card program as it works alongside Swipe to solve any regulatory hurdles that might arise when launching crypto-focused cards.

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Swipe serves as Binance’s card program and technology platform manager while the company also works with strategic partners to issue cards in permitted territories.

The statement also indicated that Giuselito Lizarondo, CEO of Swipe, will step down and leave Binance after the transaction is completed.

Immediately after the announcement, the price of the original Swipe digital work (SXP) had risen by more than 30% to nearly $2 at the time of this article’s publication.

* The image of the article is from the “cryptopotato” website.

Read also:

Russian Bank Launches Russia’s First Blockchain-focused ETF

Non-fungible “BAYC” tokens up 35% in the last 90 days and other NFTs down

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