One of the major debts in the development of the cryptocurrencies, has been the boom in its adoption. Thus, after eleven years since the birth of Bitcoin, the crypto assets not have made it into coins used for large-scale procurement of goods and services. Therefore, the purchase of Swipe by Binance, and the expected launch of a debit card of the exchange, is quite an achievement for the crypto world, as it says Changpeng Zhao in the Tweet of the day:
The significance of a card escapes many people. It allows people who wants to stay in crypto to stay in crypto, and merchants who need to accept fiat to do so. Bridging two parallel worlds.
No more sell crypto, withdraw fiat, then pay for card.
Life with #BNB becomes simpler. https://t.co/NvIjzNzERb
— CZ Binance (@cz_binance) July 7, 2020
The effects of the purchase of Swipe
Since its inception, the main objective of Bitcoin, and in general of all the crypto community, is to compete with the fiat money traditional. Positioning the cryptocurrencies as an alternative for conducting financial transactions throughout the world. As well as a mechanism of savings and means of payment for goods and services.
However, to achieve this the cryptocurrencies would have to reach high levels of adoption. Enough for it to become common in businesses throughout the world with the acceptance of Bitcoin as a means of payment. Something that seems difficult to achieve, in a time in which the transactions in the Blockchain of BTC can take up to 30 minutes to run.
It is there where comes Swipe, a company that offers a wallet of cryptocurrencies, linked to a debit card physical backed by Visa. And is that, this company would have been acquired recently by Binance, being the last of a series of acquisitions of the exchange to broaden its already large ecosystem. In what Changpeng Zhao is considered a milestone for the crypto world:
“The meaning of a card is escapes many people. It allows people who want to stay in crypto-stay in crypto, and to the merchants who need to accept the ‘fiat’ to do so. Joining two parallel worlds. It won’t sell criptomoneda, remove the fiat, and is paid by the card. Life with #BNB becomes more simple.“
Thus, the platform of Swipe would go on to form part of the platform of Binance. Allowing the crypto users to pay their purchases using cryptocurrencies. Receiving the traders fiat money directly in their bank accounts. In a move that Zhao expected to increase the adoption of crypto assets.