\n<\/p>\n
Swipe-issued Visa cards use the SXP utility token to process crypto-backed payments.<\/p>\n
Swipe<\/small>
\n <\/figcaption><\/figure>\n
SXP, the native token of Visa <\/p>\n
V<\/a> The cryptocurrency reached an intra-day high of $2.02 before pulling back to $1.91 by 23:00 GMT on December 30, 2021.<\/p>\n Its strong performance defied sluggish activity in the wider market, with top-ten coins bitcoin, Ethereum, BNB, XRP and Polkadot all moving less than 0.5% over the past 24 hours.<\/p>\n Binance previously acquired most of Swipe\u2019s shares in July 2020 \u2013 a move that allowed it to launch the SXP-powered Binance Visa Card, which works like a debit card but lets users fund purchases with their digital assets.<\/p>\n The exchange will now buy the outstanding equity in Swipe, it said in a statement<\/a> that did not address what the development means for SXP tokenholders and cardholders.<\/p>\n Swipe also runs a white-label B2B program that helps third parties launch their own crypto-backed debit cards. Derivatives exchange FTX became its most high-profile client in February, though the FTX Visa card has not yet been launched.<\/p>\n Following the completion of the share purchase, Binance said, Swipe founder and chief executive Joselito Lizarondo \u201cwill step down and leave Binance\u201d.<\/p>\n However, Lizarondo plans to remain active as a key stakeholder in the Swipe blockchain \u2013 now rebranded Solar \u2013 by acquiring a sizable governance position through his proof-of-stake SXP holdings, and by launching the \u201cSolar Ecosystem Growth Fund to invest in projects building on Solar\u201d.<\/p>\n \u201cSolar will become an energy efficient payments blockchain powering decentralized commerce applications,\u201d he explained in a blogpost<\/a>. \u201cSolars value proposition enables plugins to be developed in Javascript and Typescript and built in Layer 1 formats so that all scalability and smart contract like features will be developed natively. Side chains will enable other features.\u201d<\/p>\n
\n card issuer Swipe, surged by 30% on Thursday after news that the Binance exchange \u2013 already a majority shareholder \u2013 will become the company’s sole owner.<\/p>\n