Binance is finalizing a deal to acquire a majority stake in crypto startup Swipe.io, The Block has learned. The move paves the way for the crypto exchange giant to move ahead with its plan for a branded payments card.
The deal could be made public as soon as this week. A representative from Binance declined to comment when reached.
The Block reported back in March that Binance's plans for a branded card were in the works. In the wake of that report, the exchange officially announced that its so-called Binance Card "does everything a regular payment card does, plus much more." The Binance Card will be issued as a white-label product via Swipe, The Block has also learned.
Swipe.io offers a multi-currency crypto wallet app as well as a crypto-to-fiat funded Visa debit card. The cards are issued by Contis Financial Services Ltd, a Visa member that is licensed by the U.K. Financial Conduct Authority, as explained on Swipe's website.