Značka: Visa

Binance to finalize acquisition of Swipe, paving for CEO exit

Binance, the world’s largest cryptocurrency exchange, announced Thursday that it will acquire the remaining outstanding shares of Swipe, a prominent crypto Visa card provider. Users of Binance will be able to spend their coins at over 70 million locations worldwide as a result of the acquisition.On July 6, 2020, Binance initially announced the purchase of a majority stake in Swipe, stating that the new collaboration would help to further advance cryptocurrency adoption by bridging fiat and digital assets. Binance’s acquisition of Swipe will allow it to compete with other retail crypto providers like PayPal and Mastercard that provide similar cryptocurrency-related services.According to the news, Swipe has been identified as Binance’s card program manager and technological platform. Swipe also collaborates with important partners to issue cards in authorized zones and markets. Swipe’s current CEO, Joselito Lizarondo, will step down once the acquisition is finalized, Binance confirmed. Although Binance has been embroiled in regulatory controversy this year, it hasn’t stopped the company from growing its presence through new acquisitions and expanding its services to new markets. More recently, the crypto exchange was approved for an in-principle license by Bahrain’s central bank to operate as a crypto asset service provider, as well as a cryptocurrency financing license in Canada as Binance Canada Capital Market.Related: Binance introduces BNB Auto-Burn to replace quarterly burn protocolIn November, Binance CEO Changpeng Zhao revealed in a conversation with French Minister Cédric O that the exchange is establishing a $115 million initiative to increase blockchain and cryptocurrency technology across France and Europe. The cryptocurrency exchange recently partnered with the World Trade Center in Dubai to help the region develop into a global crypto trading center.

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Visa announces new crypto consulting service for merchants and banks

Payments giants Visa is launching new consulting and advisory services in a move to help its clients navigate the world of cryptocurrencies. The firm said on Dec. 8 that its crypto advisory practice, housed within its consulting and analytics division, will offer advice to financial institutions, retailers and other firms on everything from rolling out crypto features and exploring nonfungible tokens, to developing wallets for central bank digital currencies.According to Visa, part of banks’ interest in cryptocurrencies is in remaining competitive. Citing a recent in-house study, Visa said that “40% of crypto owners surveyed report they would be likely or very likely to switch their primary bank to one that offers crypto-related products in the next 12 months.”Per Reuters, American financial services company UMB is a client of Visa’s crypto advisory services. “We came to Visa to learn more about crypto and stablecoins and the use cases that are most relevant for our retail and commercial business lines,” said Uma Wilson, executive vice president at UMB Bank.Related: Mastercard is preparing its infrastructure for the deployment of CBDCsThe move marks Visa’s latest attempt to push deeper into the cryptocurrency industry, with the firm having filed for numerous blockchain-related patents in the past. Visa’s research team is also working on a “Universal Payment Channel” project, which is a blockchain interoperability hub connecting multiple blockchain networks and allowing digital assets to move from various protocols and wallets.Visa is one of the many payment processors that has entered the cryptocurrency business in recent years. Its rival Mastercard recently rolled-out crypto-linked payment cards throughout the Asia-Pacific region, while online payment giants PayPal launched a new consumer app for crypto, savings and direct deposits earlier this year.

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