What is Swipe (SXP) | What is Swipe token | What is SXP token
What Is Swipe (SXP)?
Swipe is a platform that looks to form a bridge between the fiat and cryptocurrency worlds with its three main existing products: the Swipe multi-asset mobile wallet, the Swipe cryptocurrency-funded debit card and the Swipe Token (SXP).
The Swipe wallet acts as the main access point to the Swipe ecosystem and can be used to store and manage a wide variety of assets — including both cryptocurrencies and fiat currencies. The wallet can also be used to manage Swipe’s second product — the Swipe debit card. This debit allows users to spend their cryptocurrencies at Visa payment terminals and comes in a variety of flavors, each of which offer increasing perks and benefits.
This ecosystem is powered by the Swipe Token (SXP), which functions as the fuel for the Swipe Network, and is used for paying transaction fees. Holders of SXP tokens are eligible for exclusive discounts on the Swipe app and the token can be used for making fiat payments with the Swipe debit card.
Card Features
Spend Instantly
- Spend Bitcoin and other cryptos by swiping a few buttons
- Crypto is Converted to cash instantly to use
- Select a funding source with no manual conversion required
Use anywhere
- Accepted at over 50 million Visa merchants worldwide
- Withdraw cash at ATM’s worldwide
- Available on Apple Pay, Google Pay and Samsung Pay
Security Features
- Lock and unlock your card instantly
- View your card PIN with security features in-app
- Online shopping with fraud protection by Visa 3D Secure
Card Tracking
- Real Time Notifications of card transactions
- View your entire card history and statements 24/7
- Report unauthorized or fraudently charges instantly
The Beginner’s Guide
Unlike other cryptocurrencies, Swipe isn’t just a protocol powered by a distributed network.
Rather, Swipe is both a software and a digital wallet ecosystem that together are designed to allow users to buy and spend fiat money and crypto assets at physical and digital locations.
The product of a for-profit company, Swipe wallets can be further connected to Visa debit cards and a smartphone application, providing an experience familiar to traditional mobile wallets. This includes custom cardholder perks, such as the ability to receive up to 8% cashback in Bitcoin along with free Spotify accounts.
However, Swipe wallets are enhanced by a host of new features made possible only by the integration of its custom cryptocurrency, SXP.
For instance, Swipe doesn’t charge fees for its debit cards. Instead, users stake SXP tokens to access debit cards with additional perks. The more SXP tokens users lock in special contracts on the Swipe network, the more perks they receive.
By staking a minimum of 30,000 SXP, a user can be upgraded to a special debit card eligible to receive 8% cashback in Bitcoin along with free Netflix and Spotify accounts.
Swipe says it is working on additional services such as a savings account, credit cards and merchant payment processing services. For more regular updates from the Swipe team, you can bookmark the Swipe blog.
How Does Swipe Work?
The Swipe network uses the Ethereum blockchain to hold crypto deposits on behalf of users and to grant them various benefits.
However, the platform also runs an off-chain API that allows for compatibility with traditional payments infrastructure, and thus enables features like payments to merchants.
Swipe Wallet
Anyone wishing to utilize Swipe’s features can do so through the Swipe wallet.
The digital wallet application allows users to deposit fiat currencies and purchase any of the 30+ cryptocurrencies offered by Swipe directly. Further, the wallet can be used to custody crypto assets as well as to convert one cryptocurrency to another.
Central to Swipe’s ecosystem is the ability for users to use the Swipe card to pay merchants. In this case, smart contracts on the network will automatically convert any cryptocurrency stored in the wallet to the needed fiat payment accepted by the merchants at the point of purchase.
Users can manage their card through the wallet application and stake the required amount of SXP to upgrade their card at any time.
Who Created Swipe?
Swipe is a for-profit company founded by Joselito Lizarondo headquartered in London, but with operations in the U.S., Estonia and the Philippines.
Swipe raised roughly $24 million in a series of private and public token sales. Some 60 million SXP were sold in these fundraising exercises, representing 20% of the initial token supply.
In 2020, Swipe was acquired by the cryptocurrency exchange Binance. Swipe’s platform is now used to support Binance Card, a debit card that lets users spend crypto at physical locations.
Why Does SXP Have Value?
The SXP cryptocurrency is central to maintaining and operating the Swipe network and can be used to pay for various services in the Swipe ecosystem.
First and foremost, SXP is used to pay for transaction fees on the SXP Network. Of note, 80% of this fee is “burned,” or eliminated from circulation, by the smart contracts on the network.
According to the software’s rules, the supply of SXP tokens is limited, meaning that there will only ever be a maximum of 300 million tokens.
That said, the protocol issues over 2 million SXP monthly, with some of these tokens being distributed as staking rewards to users helping operate the network. The remaining supply is issued to the Swipe company and is used to reimburse Swipe’s team and founders.
Due to scheduled reductions in the SXP token supply, the total amount of SXP available is expected to decrease over time until there are only 100 million units left.
Staking SXP
Users can stake SXP to access a variety of features within the Swipe ecosystem. By owning and staking SXP, users gain the ability to vote on network rules, such as reward distributions and transaction fees, among other possible changes.
Users can participate in the network’s governance with a minimum deposit of 1,000 SXP, and those who stake over 300,000 SXP can propose changes to the Swipe network.
Those staking SXP also stand to gain a share of 20,000 SXP that are released each day, an amount that can fluctuate based on user votes.
Who Are the Founders of Swipe?
Swipe was founded by Joselito Lizarondo, an early Bitcoin investor and individual with a wealth of experience in startup businesses. Lizarondo currently serves as CEO of the platform.
In addition, former senior creator at Vibial Group John Khenneth is the Swipe’s COO, while Anecita Sotomil — a former tax and legal officer at PricewaterhouseCoopers — is its chief legal officer (CLO). Lastly, the Swipe executive team is rounded out with newly added CTO Henry Niduaza, an accomplished two-time CTO with more than thirty years of experience in banks, retail and fintech.
The entire Swipe team comprises just over a dozen individuals, including developers, engineers, marketing and community management staff. Swipe is the first crypto-oriented position for the majority of current team members.
In July 2020, it was announced that Swipe was acquired by Binance — one of the world’s leading digital asset exchanges — for an undisclosed sum.
What Makes Swipe Unique?
Swipe is designed to allow users to take full control over both their crypto and fiat finances through its easy to use mobile application and associated range of crypto debit cards.
One of its key distinguishing features is its usability. Swipe is designed to be accessible to users of all experience levels, making it a simple task to store and manage cryptocurrencies on the Swipe wallet app, or spend cryptocurrencies using the Swipe Visa debit card.
As previously touched on, the Swipe (SXP) token sits at the core of the Swipe ecosystem. Users will need to hold a fixed minimum amount of SXP to be eligible to purchase a Swipe Sky, Steel or Slate debit card — and hence benefit from the perks these offer, such as up to 8% cash back on purchases, improved spending limits and zero foreign transaction fees.
By making it extremely simple to convert cryptocurrencies to fiat, which can then be spent using the Swipe debit card, Swipe targets the increasing number of cryptocurrency holders looking to use their assets for everyday purchases. It also generates revenue from transaction and exchange fees, which is used to support the expansion of the ecosystem and its rollout to new regions.
Besides unlocking a variety of perks for holders, SXP can also be used for creating and voting on governance proposals, allowing holders to help shape the development of the Swipe ecosystem.
Why Should I Use SXP?
Swipe may be of interest to investors who believe that the convenience and speed of accessing cryptocurrencies through a debit card and mobile application will gain in popularity.
Clients will also need to purchase SXP based on their interest in any of their debit card tiers, as a certain amount of SXP is required to unlock better rewards.
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How and Where to Buy Swipe (SXP) ?
SXP has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy SXP
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
After the deposit is confirmed you may then purchase SXP from the Binance exchange.
Exchange: The top exchanges for trading in Swipe are currently Binance, ZG.com, FTX, CoinTiger, and VCC Exchange
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once SXP gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
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Find more information SXP
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🔺DISCLAIMER: The Information in the post isn’t financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.
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