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Binance is finalizing a deal to buy majority stake in Swipe, setting stage for payments card launch

Binance is finalizing a deal to acquire a majority stake in crypto startup Swipe.io, The Block has learned. The move paves the way for the crypto exchange giant to move ahead with its plan for a branded payments card.

The deal could be made public as soon as this week. A representative from Binance declined to comment when reached.

The Block reported back in March that Binance's plans for a branded card were in the works. In the wake of that report, the exchange officially announced that its so-called Binance Card "does everything a regular payment card does, plus much more." The Binance Card will be issued as a white-label product via Swipe, The Block has also learned.

Swipe.io offers a multi-currency crypto wallet app as well as a crypto-to-fiat funded Visa debit card. The cards are issued by Contis Financial Services Ltd, a Visa member that is licensed by the U.K. Financial Conduct Authority, as explained on Swipe's website.


© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.