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SXP up 30% as Binance buys back all of Swipe’s outstanding shares

December 30, 2021 - Around 2 mins mins to read

The world’s largest exchange, Binance, has agreed to buy back the outstanding shares of the cryptocurrency Visa card issuer Swipe.

SXP up 30% as Binance buys back all of Swipe's outstanding shares

Previously,  acquired a majority stake in the Visa Swipe card issuing platform in July 2020.

At the time, none of the companies reported the transaction value, but it is known that most of Swipe’s stock went to Binance.

However, the exchange has now agreed to buy back the “remaining outstanding shares of Swipe”. The statement describes Swipe as “the industry-leading crypto Visa card issuing platform that enables users to instantly issue crypto in more than 70 million locations worldwide”.

The company has promised to strengthen its Visa card program as it works with Swipe to remove all regulatory hurdles that can arise with the introduction of crypto-oriented cards.

Swipe acts as BNB’s “card program and technology platform manager” and works with strategic partners to issue tokens in authorized regions.

The statement also suggests that Joselito Lizarondo, CEO of Swipe, will “step down and leave Binance” once the deal is closed. Following the announcement, Swipe’s native token – SXP – jumped more than 30% from an intraday low of $ 1.44 to nearly $ 2 in minutes.

SXP up 30 as Binance buys back all of Swipes

SXP / Source: TradingView

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Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
Market

SXP up 30% as Binance buys back all of Swipe’s outstanding shares

The world’s largest exchange, Binance, has agreed to buy back the outstanding shares of the cryptocurrency Visa card issuer Swipe.

SXP up 30% as Binance buys back all of Swipe's outstanding shares

Previously,  acquired a majority stake in the Visa Swipe card issuing platform in July 2020.

At the time, none of the companies reported the transaction value, but it is known that most of Swipe’s stock went to Binance.

However, the exchange has now agreed to buy back the “remaining outstanding shares of Swipe”. The statement describes Swipe as “the industry-leading crypto Visa card issuing platform that enables users to instantly issue crypto in more than 70 million locations worldwide”.

The company has promised to strengthen its Visa card program as it works with Swipe to remove all regulatory hurdles that can arise with the introduction of crypto-oriented cards.

Swipe acts as BNB’s “card program and technology platform manager” and works with strategic partners to issue tokens in authorized regions.

The statement also suggests that Joselito Lizarondo, CEO of Swipe, will “step down and leave Binance” once the deal is closed. Following the announcement, Swipe’s native token – SXP – jumped more than 30% from an intraday low of $ 1.44 to nearly $ 2 in minutes.

SXP up 30 as Binance buys back all of Swipes

SXP / Source: TradingView

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

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