Binance, leading crypto & blockchain infrastructure provider, which announced today that it will take over the remaining open shares of Swipe, a cryptocurrency based on Visa card issuing platform which allows users to spend cryptocurrencies in real time.
In July 2020, Binance bought a majority stake in Swipe with the aim of further adopting cryptocurrencies by bridging the gap between fiat and digital assets, in particular cryptocurrency payments and purchases through traditional financial systems.
Today, Binance and Swipe work with regulated and licensed entities to issue Visa cards, and Swipe acts as Binance’s program manager and technology platform. Swipe also works with strategic card issuing partners allowed regions and markets.
Following the completion of the purchase of the remaining shares, Swipe CEO Joselito Lizarondo will retire and leave Binance.
“Swipe has helped Binance and the Binance Card make significant progress toward a future where digital funds can become a daily payment option for millions of people,” noted CZ, founder and CEO of Binance. “I also want to thank Joselit for his contribution to both Swipe and Binance. Joselito is also a great entrepreneur and strategic thinker. I wish him all the best in his next endeavor. “
Terms of purchase of shares have not been announced.
“Binance has helped Swipe grow to new heights, with more than $ 1 billion in Visa-crypto-related processing this year alone. I am confident that the mission of linking cryptocurrencies and trade will continue strongly in Binance’s hands. I want to thank CZ and the entire Binance organization for everything they have done during my tenure there, ”commented Joselito Lizarondo.
Q: Why did Joselito decide to leave Swipe?
A: Joselito decided to leave Swipe to work on his personal projects and personal belongings.
Q: What were Joselit’s plans after he left Swipe?
A: In the near future, Joselito will focus on personal projects and will share any further updates at the appropriate time.
Q: Who will replace Joselit? Who will lead the Swipe team in the future?
A: There are no current replacement plans. The Binance and Swipe team will work together to bring crypto Visa cards closer to more users around the world.
Q: Are there any product or service changes associated with this announcement?
A: No, there will be no service changes.
Q: Will there be a change in the way Swipe works or in its brand?
A: No, Swipe as an entity will continue to focus on bridging the gap between fiat and crypto assets.