Swipe, the Binance-owned crypto debit card provider, has announced the acquisition of electronic money institution Fincofex. The acquisition will facilitate the launch of its new platform, SwipeX.
In an official blog post, Swipe disclosed that the acquisition will make available the Fincofex platform and licenses to the Swipe ecosystem in order to offer users and businesses better services on its proposed SwipeX platform. The new platform will work to increase global crypto adoption as well as serve as a bridge between global commerce and the crypto sphere.
The platform further confirmed the acquisition announcement on Twitter.
Swipe is thrilled to announce the acquisition of @fincofex to launch #SwipeX
Fincofex is a licensed EMI start up that has a #Mastercard principal membership for issuing & acquiring as well as a Swift member for global wires.
Read the full announcement:https://t.co/17B0Gp1iS1
— Swipe (@SwipeWallet) November 5, 2020
Notably, Fincofex, a principal Mastercard member in the UK/EEA, has a full authorization license to issue debit cards for businesses. The platform also facilitates Mastercard credit and debit card transactions and would lend its services to the Swipe initiative.
Interestingly, the electronic money institution license would be available to Swipe. Fincofex has access throughout the 33 European Union (EU) countries. This access would be transferred to the crypto-to-fiat debit card platform and its soon-to-launch SwipeX platform. Fincofex has a Swift Membership to facilitate global Swift wire transfers that would also be utilized by Swipe.
Notably, Fincofex is working to acquire Visa and UnionPay memberships, which would then become available to Swipe as well. Interestingly, the proposed SwipeX platform is slated to go live in early 2021.
Speaking on the acquisition, Swipe CEO Joselito Lizarondo disclosed that he is elated by the news. He added that the Fincofex acquisition will further hasten the launch of SwipeX.
Lizarondo furthermore threw more light on what SwipeX aims to achieve. He disclosed that the platform “will work on receiving regulated financial licenses or buying companies that can quickly bootstrap our licenses and team to bring crypto-finance mainstream by enabling legacy payment rails into our crypto powered ones.”
Lizarondo further disclosed that to expand the reach of Swipe, the platform must become a “direct issuer, acquirer, and processor is essential in growing Swipe by scale.”
Swipe hires new executives to lead expansion
In a bid to further the platform’s goals of increasing cryptocurrency adoption and bridging commerce to digital currency globally, Swipe recently announced the appointment of a new set of executives.
The new executives include: Henry Niduaza, new Chief Technology Officer; Caroline Santos, new Chief Marketing Officer; and Michael Belisario, new Chief Information Security Officer. The crypto-to-fiat debit card platform disclosed that the appointments are a strategic move to facilitate the growth, development, and expansion of Swipe.
Lizarondo, in a statement, noted that the new appointment re-affirms the platform’s commitment to strengthening its pledge to provide the best services for its users globally. “We want to become closer to our users, and these new leaders will help us build a better customer-oriented business model,” he said.
Swipe is a multi-asset digital wallet and crypto debit card platform. The platform is designed to let users buy, sell, and spend digital currency.
Notably, users can deposit crypto into their debit card wallets, providing them with secure, instant, and reliable access to spend their deposited funds in fiat currencies while using traditional Visa debit cards. The platform, in addition to debit card services, also provides a wide range of decentralized finance (DeFi) services.
For a more in-depth analysis, check out the Altcoin Buzz review of the project.
Additionally, it’s worth noting that the crypto-to-fiat debit card platform recently launched LendFi, a Visa card for near-instant access to lending funds using blockchain. Also, as we earlier reported, Swipe Visa cards are now available to U.S. users, enabling clients to easily pay for goods and services with digital currencies.
Find out more about Swipe on the Altcoin Buzz YouTube channel.