Bitcoin-Commerce Platform Purse Reconsiders Closure After Community Outpouring

Colin Muller, a payments gateway that allows users to transact on Amazon using Bitcoin through a clever workaround, seems to be reconsidering the closure it announced a few days ago.

According to a post on Purse’s blog, an “outpouring of support from the community … [caused] us to reconsider our decision.” As a result, Purse’s principal “Shop and Earn” functions will remain activated pending further updates.

Purse *not* closing down(source:

TheBlock crypto reported a few days ago that the company was not closing strictly out of financial distress, but instead because many of Purse’s team members simply wanted to go their separate ways.

Purse’s system of payments deftly bypassed Amazon’s payment methods, by essentially forming a two-staged market within its platform.

Customers wanting to purchase items on Amazon with bitcoin would request other users to make the purchase on their behalf, then send the equivalent amount of bitcoin when their shipment arrived. Likewise, users wanting to purchase crypto with cash would purchase goods on Amazon with cash, and then be sent bitcoin as payment. A reputation system kept the kept the platform in check.

The system worked well, although low volume plagued the platform and made it hard to count on a transaction near market prices.

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Binance Acquires Crypto Debit Card Issuer for an Undisclosed Sum

Leading cryptocurrency exchange Binance has acquired cryptocurrency debit card issuer Swipe for an undisclosed sum, in a deal that gets the platform one step closer to issuing its Binance Card.

Finance Magnates reports the firms shared revealed the companies will “work together to further mainstream adoption of cryptocurrencies,” by further bringing fiat and digital assets together. The deal will allow for cryptos to be used as a payment method in the traditional financial system.

Binance unveiled its plan to launch a Visa crypto debit card earlier this year, but was having difficulties implementing it. The acquisition of crypto start Swipe should help fix these difficulties and support the exchange in its “mission of making crypto more accessible to the masses.”

Per Binance CEO Changpeng Zhao, off-ramps are a key component to be considered in its mission. He added:

By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone.

Binance and Swipe listed each other’s native tokens as part of the deal. Binance now has trading pairs for Swipe’s SXP token, while the Binance Coin (BNB) was added to the cryptocurrencies, stablecoins, and fiat currencies available as a payment method on Swipe.

Swipe, it’s worth noting, converts cryptoassets into fiat currencies at the point of purchase. Users pay in a cryptoassets of their choice, which is then converted into fiat currency the merchant receives, so the latter does not have to manage cryptoassets, or accept payments in them directly.

Swipe’s cards are issued by Contis Financial Services, a visa Principal Member regulated by the UK’s Financial Conduct Authority. They are available in 31 countries within the European Economic Area, and support transactions in euros, pounds, U.S. dollars, Korean won, and Philippine pesos.

The firm’s CEO Joselito Lizarondo revealed partnering will Binance will “place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide.” Binance Card users will be able to get up to 4% cashback in bitcoin on their purchases, which will be available in over 50 million locations in the world.

Featured image via Pixabay.