Binance recently announced that it will buy all shares of Swipe (SXP) and its current CEO, Joselito Lizarondo, will step down from his position.
The statement included the following:
“Dear Binance Users,
Binance is acquiring the remaining stake in Swipe, the industry-leading cryptocurrency Visa card issuance platform that allows users to instantly spend cryptocurrencies in more than 70 million locations worldwide.
In July 2020, Binance acquired a majority stake in Swipe with the aim of further expanding mainstream adoption of cryptocurrencies by bridging the gap between fiat and digital assets, particularly payments and purchases in cryptocurrencies through traditional financial systems.
Binance and Swipe work with regulated and licensed entities to issue Visa cards, and Swipe acts as Binance’s card program manager and technology platform. Swipe also works with strategic partners to issue cards in permitted regions and markets.
Following the completion of the acquisition of the remaining outstanding shares, Swipe CEO Joselito Lizarondo will resign and leave Binance.”
Following Binance’s announcement, the price of SXP rose 26%.
*Not Investment Advice.