Svmuu News CZ mentioned early information about the "Binance payment card" in his personal autobiography "Binance Life." He stated: "In February 2020, I was introduced to the Philippine crypto startup Swipe Wallet. It was originally a wallet but later pivoted to offering crypto debit
cards. Users pay with cryptocurrency, while merchants receive fiat currency, making the experience almost seamless for users.
The idea itself wasn't new; the biggest challenge was finding banking partners. For crypto enthusiasts, it eliminated the hassle of selling crypto for fiat, allowing cryptocurrency to be used directly for daily payments. At that time, Swipe wasn't officially operational yet but wanted to gain users through a partnership with Binance. Founder Joseph offered to exchange 80% of Swipe's equity for a partnership. He was very smart and later sold the remaining 20% to us for tens of millions of dollars.
Subsequently, Binance launched the Binance Card in Europe, which quickly became a favorite among users."