Binance Partners with Swipe to Roll-Out Its Own Crypto Debit Card
- Popular crypto exchange Binance has been working on the so-called Binance Card at least since March 2020
- Binance confirmed a partnership with Swipe for its debit card launch but later deleted the webpage with the announcement
- The cached version of the webpage states that Binance Card would enable real-time conversion of crypto to fiat currency to use at merchants globally
The announcement confirmed the rumors
Although already deleted, Binance’s announcement has served as a confirmation of the rumors about Binance – Swipe partnership that have already been circulating within the crypto community. The cached version of the “Binance Card” FAQ section clearly reads:
“Binance has partnered with Swipe to provide a Card platform for Binance users. The issuer will be a financial institution that is identified on your Cardholder agreement depending on your region. Each region will have its own card issuer.”
Furthermore, according to some reports, Binance has acquired a majority stake in Swipe. Binance has declined to comment on the acquisition multiple times.
Binance Card in the works at least since March
Binance has been working on its own branded card since March 2020. At the time, the exchange promoted Binance Card as a card that "does everything a regular payment card does, plus much more."
According to the removed announcement, Binance Card issued in partnership with Swipe would enable real-time conversion of cryptocurrency to fiat currency to use at merchants. The value of the card wallet would be determined by aggregating the values of all cryptocurrency holdings, based on their current market prices. Transferring funds from the spot trading wallet to the card wallet will be instant but subjected to daily limits. Binance claims that the card will work globally and on numerous networks. Furthermore, cardholders will also be able to withdraw cash at ATMs provided they are located in a region that supports cash withdrawals.
About Swipe and Swipe Token
Swipe issues cards via Contis Financial Services Ltd, a Visa member that is licensed by the U.K. Financial Conduct Authority. A Contis spokesperson confirmed that Swipe is their client, but Binance is not and refrained from further commenting the news of the Binance-Swipe partnership.
It has to be noted that Swipe already offers its own crypto Visa debit card and recently even established partnerships with Google Pay and Samsung to develop their digital currency Visa debit cards. As such, the Binance Card will be issued as a white-label product via Swipe.
The announcement of a partnership with Binance has driven the of Swipe token (SXP) up by almost 30% on July 2nd. The token has since taken a slight dip and is currently down by 9.8% over last 24 hours, changing hands at a price of $0.57 per token. In case that Binance decides to list SXP, the token’s price might spike again. However, it remains unclear whether Binance will do this, as it may have recently become a majority shareholder of Swipe.