Binance Subsidiary Swipe Launches DeFi-Powered Visa Card LendFi

October 1, 2020 2:40 PM UTC

Swipe, a Binance-supported steering multi-asset digital wallet and debit card platform, has teamed up with Marqeta, the global standard for modern card issuing, to introduce the LendFi Visa Card. Swipe and Marqeta are integrated to the LendFi Visa Card for immediate access to lending balances borrowers make on the LendFi App, according to the announcement.

An announcement further unfolds that the new product that deploys major decentralized finance protocols has been expanded to the crypto supporters in the United States. The new lending platform endorses loans for users and distributes them to wallets. The LendFi App additionally offers a stablecoin aggregator so clients can store different stablecoins to spend through their card. 

“LendFi utilizes decentralized finance (DeFi) protocols to give borrowers access to instant liquidity to over-collateralized loans while being in complete control of the borrowing process,” Swipe indicated in the announcement.

Binance Intends to Explore DeFi Space Through Swipe

The DeFi sector’s most valuable use case is cryptocurrency lending. DeFi lending uses a distributed system and decentralized applications to issue DeFi loans. Whereas, traditional financial institutions widely depend on a central party or a middleman to approve and distribute loans. Still, DeFi lending is correlated with certain risks as it is completely not protected.

By Swipe, Binance is looking for effective partnerships that will drive the crypto market forward through new and existing ways.

Joselito Lizarondo, CEO of Swipe, said, “We are excited to work with the innovators over at Marqeta who help power our LendFi Visa Card. Borrowers will get access to an instant Visa card upon successful verification that immediately gives real-time access to their loan balances.” 

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