Swipe, a digital asset wallet and debit card platform, has just announced that it will soon be launching its services in the US with plans to expand elsewhere in the country after receiving the necessary regulatory sign-offs.
The news comes a few weeks after Swipe’s takeover by Binance and issuance of a Swipe-powered crypto debit card, branded to the influential crypto exchange.
In Swipe’s existing markets, the company’s users are able to purchase cryptocurrencies from within the app and the debit cards automatically convert stored coins into fiat currency, using the Visa payment network.
#Swipe is thrilled to announce we have received the green light to launch in the #USA 🇺🇸. More details surrounding the US launch campaign and the announcement of our new banking partners coming soon. Wallet & Card availability will open to US users thereafter.
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— Swipe (@SwipeWallet) August 18, 2020
Swipe is already available in 31 countries, mostly in the European Union, including countries like France, Germany, Italy, and Spain, among others. Though not yet available in the United States, the firm supports payments in the buck among other major fiat currencies such as euros and pound sterling.
After completing appropriate licensing and registrations, the company will open its real-time crypto-to-fiat conversions, debit card and issuance services, to potentially “over 200 million adults in the USA. Do the math,” says Swipe founder Joselito Lizarondo.
The Swipe crypto network utilizes its native token, Swipe (SXP), as a medium of exchange to pay for transaction fees on the network, as well as for making debit card payments, and to receive discounts on the fees. It also offers a staking service that allows users to earn up to 12% APY on their staked SXP within the Swipe Network.
Swipe’s offering has a received a big push after Binance’s highly-anticipated cryptocurrency debit card debuted in Europe. Dubbed ‘Binance Card,’ it allows users to instantly convert the cryptos to fiat and spend them at over 60 million merchants across 200 regions and territories.
Swipe’s new owner, Binance, also operates a crypto business dedicated to the US market. Binance.US originally entered the US market in late 2019 via a partnership with BAM Trading Services, a FinCEN-registered company, to roll out the new platform exclusively for customers based in the United States. Binance has licensed its matching engine and wallet technologies to its US partner which handles operations into compliance with local regulations.