Swipe allows users to buy and spend fiat money and crypto assets at physical and digital locations.
What is Swipe?
- Swipe is a DeFi payment and financial services platform driven by the SXP token, a utility token designed to power the Swipe ecosystem of products and govern the decentralized protocols.
- Swipe (SXP) is an ERC-20 token, as a result, its integrity is maintained by Ethereum’s proof-of-work (POW) consensus mechanism and massive node network.
- Their 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.
- 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.
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Who is behind Swipe?
Swipe was founded in 2018 by Joselito Lizarondo with a strong vision to bridge the fiat currency and cryptocurrency together, including converting digital currency in real time.
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.
What is the purpose of Swipe?
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.
Swipe has developed a range of products to provide users with easy access to cryptocurrency payments.
- Swipe Wallet is the main application accessing the Swipe Ecosystem which users can deposit and withdraw their cryptocurrencies, fiat currencies and Stablecoins. Users can also trade via bank account, debit card, and credit card as well.
- Swipe Card has two different types of debit cards which are Swipe Saffron and Swipe Slate which users receive Bitcoin as cash back with every purchase. Visa card is connected to the application and cryptocurrency in Swipe wallet will be converted into fiat currency when users want to make a payment. Users can simply pay with the debit card as the card is already linked with the application.
- Swipe Network controls both Off-chain and On-chain systems by Swipe API and Ethereum Blockchain. When there is a transaction on Swipe Network, 80% of the transaction fee will be automatically destroyed by the smart contract. In due course, fees will be collected via the validators on Proof of Stake.
- Swipe Governance, solely governed by the community, opens for SXP token holders to create proposals and vote for changes in protocol on the Swipe Network including upgrading the protocols and the token.
- Swipe Swap is a protocol with Automated Market Making (AMM: Exchange liquidity management) which allows users to earn trading fees for providing liquidity. Prices will be set by the originating providers and will change based on the open markets. Swipe Swap includes cross-chain support for Ethereum and Binance Chain, creating a bridge which allows users to participate and utilize the decentralized application on these two blockchains. Users can convert SXP tokens from Ethereum Chain to Binance Chain without any transaction fee.
- Swipe Staking enables users to stake their tokens on the Swipe Network and earn SXP tokens as a bonus in return.
- Faults in API Network and blockchain might cause a delay in converting digital currency to fiat currency.
- Users can only convert SXP on Ethereum Chain to Binance Chain but cannot convert another way around so users can be at risk of losing their tokens.
News and Updates
- Swipe announces the Swipe Ignition Sale, a platform designed for new projects to raise capital and to be listed on the Swipe Wallet. 50% of the raise gets burned to reduce circulating supply in the ecosystem.
- Binance acquired Swipe, a Visa debit card service, in August 2020 and owns a portion of SXP urging the cryptocurrency trend. The platform bridges the gap between fiat and digital currency enabling crossover between traditional and decentralized finance.
Community & Whitepaper Links:
All investment is speculative and involves substantial risk and uncertainty. Investors should understand the nature of digital assets including the terms of return and the risk of assets. We encourage investors to fully understand the assets and the risk associated with them prior to making any investment.
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