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SXP cryptocurrency price up 30% after Binance acquisition announcement…Details here

SXP cryptocurrency price up 30% after Binance acquisition announcement…Details here

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Answer SXP cryptocurrency price up 30% after Binance acquisition announcement…Details here

After Binance had previously announced the acquisition of a majority stake in “Swipe” shares in July 2020, the goal at that time 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 “Swipe”, which means acquiring it and agreeing to the resignation of its CEO.

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

Binance prepares to acquire Swipe to launch the much awaited payment card

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

Read:Another adjournment in the SEC and Ripple case…Details here

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

Binance’s statement described Swipe as the 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.

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.

Read:Developer of crypto-mixing platform “Tornado Cash” arrested in Amsterdam

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

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