Swipe, a digital asset wallet and debit card platform, is pushing ahead with its plans to launch services in the US, having signed a new partnership with the Evolve Bank & Trust. Pending the regulatory greenlights, this collaboration will enable Swipe users to access regular ACH, same-day electronic payments, and the US domestic wire.
Evolve Bank & Trust supports both debit and credit transactions with more than 2500 banking institutions in the United States. Customers are given their own beneficiary accounts with Evolve for their own assets, and they benefit from FDIC insurance up to applicable limits.
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They announced the news of this agreement on their official Twitter account.
Swipe is excited about its latest partnership with Evolve Bank to launch Crypto Funded #Swipe USD Checking accounts with applicable #FDIC insurance and Swipe Debit Cards in #USA alongside other new products and services.
Read all about the partnership:https://t.co/3gcMQRTVlk
— Swipe (@SwipeWallet) August 31, 2020
For this new partnership, which takes effect in Q4 2020, users will be able to deposit their direct paychecks into this account and access it via the mobile app. Once a user’s verification process is completed, Swipe will be introducing USD checking accounts for customers in the United States with transactions that can be initiated within a single click.
“Partnering with Evolve Bank & Trust gives Swipe the ability to offer a simplified banking experience while utilizing the user-friendly Swipe Wallet application. Users will have access to the same checking account features most brick-and-mortar banks provide, but without any fees. We are excited to launch innovative products that make the entire banking experience seamless,” said Swipe CEO, Joselito Lizarondo.
On the other hand, this would also allow Swipe users to buy and sell supported cryptocurrencies, which will become an equivalent of the fiat when it comes to their day to day usage.
In Swipe’s existing markets, the company’s users are able to purchase cryptocurrencies from within the app, and the debit cards automatically convert stored coins into fiat currency, using the Visa payment network.
The news comes a few weeks after Swipe’s takeover by Binance and issuance of a Swipe-powered crypto debit card, branded for the influential crypto exchange.
Swipe is already available in 31 countries, mostly in the European Union, including countries like France, Germany, Italy, and Spain, among others. Though not yet available in the United States, the firm supports payments in the dollar among other major fiat currencies, such as euros and pound sterling.