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Swipe (SXP) is a cryptocurrency card payment infrastructure platform that is designed to empower the decentralized economy. Specifically, merchants can create card-based fiat-funded card programs that enable them to accept both fiat and cryptocurrencies with ease. Additionally, users can buy and spend both crypto and fiat assets using the platform via its connected Visa debit cards and Smartphone dapp.
What Problems Does Swipe (SXP) Solve?
Swipe leverages a decentralized ecosystem and wallet dapp to form a bridge between the fiat and cryptocurrency worlds. Currently, the crypto sector and the traditional financial sector are still separated. Swipe connects and is partnered with major payment networks to help businesses streamline their entrance into the market. Also, the network leverages powerful APIs to create a tailored product.
Another major issue that Swipe helps to reduce is high fees. In the traditional market, there is a fee every time you use your debit card. These fees can add up and eat away at your holdings. Notably, Swipe (SXP) doesn’t charge fees for its debit card services.
Benefits of Swipe (SXP)
There are a number of benefits that make Swipe (SXP) an option to consider. For one, it enables businesses to create card programs for users to spend cryptocurrencies globally. These businesses retain full control over these networks via an intuitive interface. Businesses can create a logic via approve and decline scenarios.
Swipe simplifies the onboarding process for new users. Entering the decentralized economy can be confusing for those unfamiliar with cryptocurrencies. Swipe makes it easy for new users to convert their fiat over to cryptocurrencies via its fiat on-ramp. Best of all, you can purchase cryptocurrency directly from your Swipe wallet.
Swipe users gain access to an excellent selection of coins. There are currently +30 cryptocurrencies available to users. These include top projects like Bitcoin, Ethereum, and more. Notably, the platform also supports +135 fiat currencies. In this way, Swipe (SXP) can service the needs of the international community.
Swipe (SXP) Perks
There are some perks that Swipe users gain when they use their cards. You can earn up to 8% cashback in Bitcoin when you make purchases. Thanks to some clever strategic partnerships, you also receive a free Netflix and Spotify subscription when you join the network.
One of the main draws of Swipe is its touchless characteristics. Users are eager to avoid any unnecessary risks during the pandemic. As such, COVID has helped to drive interest in digital currencies as of late. Swipes mobile Dapp enables access to Apple Pay, Google Pay, and Samsung Pay. Users can connect all their payment methods and do away with the annoying keypads and cards.
Another huge advantage that Swipe (SXP) brings businesses is the ability to implement decentralized payment methods without worrying about regulatory compliance. Swipe handles all of the KYC and identity verification requirements per region. In the past, regulatory compliance concerns have always been a roadblock to cryptocurrency adoption. Swipe helps to eliminate this issue.
Swipe was built to support a global economy. The protocol is accepted in +30 countries. When you combine this with the multi-lingual interface and huge selection of fiat currencies accepted, it’s easy to see how Swipe could help to streamline international commerce for users in new and exciting ways.
How Does Swipe (SXP) Work
Swipe allows businesses and enterprises to create, manage, and distribute branded virtual and physical cards. For its part, Swipe manages all the regulatory, compliance, and network responsibilities of the integration. Businesses are even able to leverage the firm's licenses and banking partners.
The Swipe network lives on the Ethereum blockchain. As such, it enjoys all the security and features of the world's #1 dapp and token ecosystem. SXP users can store their crypto in any ERC-20 compatible wallet and trade on popular DEXs like Uniswap.
Swipe (SXP) Card
The Swipe Visa card is one of the core features of the network. This card is possible via a partnership with VISA. As such, the card is accepted anywhere Visa is accepted. The protocol leverages smart contracts to instantly convert crypto into fiat at the PoS. Specifically, the network runs an off-chain API that provides secure interaction with the network. This strategy allows for compatibility with traditional payments infrastructure.
This approach benefits merchants because it allows them to avoid any volatility in the market. This method is used by other Crypto debit cards in the market, such as BlockFi. Swipe differs from the competition in that it consists of three main existing products.
Swipe (SXP) Wallet
The Swipe Wallet operates as a multi-asset mobile wallet. It includes a built-in fiat on-ramp to simplify your entrance into the market. You can purchase and custody crypto using this platform. Users can easily send and receive their SXP globally via the interface. You can also connect your wallet to other popular payment platforms.
Staking is another popular feature that is sure to attract users. Anyone can stake SXP to access a variety of features within the Swipe ecosystem. You need a minimum of 30,000 SXP to take advantage of this feature. The more you stake and the higher your rewards. Staking is the process of locking your crypto into a smart contract in exchange for rewards. It’s become a standard feature in today’s DeFi networks because of its simplicity and consistent ROIs.
SXP is the main governance and utility token for the Swipe network. This token is what allows users to interact with the Swipe ecosystem. SXP serves multiple purposes in the network. You can use it to pay for goods and services. It’s also how you pay fees and receive rewards. Notably, SXP has a market cap of $346,065,688.
Swipe (SXP) Future Features
The developers behind Swipe intend to release a plethora of new features in the coming weeks. These new products will help users obtain more flexibility and usability while also improving their ROIs. Here are the top features to look out for in the future.
Swipe (SXP) – Wallet Direct Exchange
Swipe promises to introduce an in-wallet exchange in the coming months. Users will be able to trade their popular cryptos for other supported assets in a non-custodial manner. Non-custodial exchange methods are more secure because they eliminate the need to store large amounts of user’s crypto online. Your crypto is traded directly between the other party on this form of exchange.
Crypto savings accounts are one of the hottest DeFi features at this time. Users earn interest for holding their cryptocurrency just like how your bank pays you interest on your holdings. Savings accounts are popular among enterprise investors who require insured accounts. The main difference between crypto savings and traditional savings accounts is that you earn way higher interest rates.
Swipe (SXP) – Credit Cards
The developers have also stated that they will provide credit card services in the coming months. This maneuver would be one of the first times a decentralized card system offered credit to users. The details on this update have been scarce but the developers have stated the interest rates on these cards would be less than traditional cards.
Merchant Payment Processing
Swipe (SXP) seeks to help merchants join the market in multiple ways. Developers are currently working on an easy-to-integrate payment processing system. The protocol would allow any merchant to start accepting cryptocurrencies. According to company documentation, the system will accept an excellent selection of cryptos and fiat currencies.
History of Swipe (SXP)
Swipe (SXP) is a for-profit company headquartered in the Philippines. The firm has operations in the United Kingdom and Estonia as well. Joselito Lizarondo is listed as the founder of Swipe. Notably, Lizarondo raised eyebrows when he burnt all of his founder tokens unexpectedly.
This decision helped to bolster demand for the token, as his holdings were worth over $200 million. Notably, his decision destroyed over 17% of the coin's total supply. Notably, Binance’s CEO took to Twitter to commend him on the decision.
In July 2020, the world's top crypto exchange, Binance acquired Swipe. Interestingly, the acquisition was for an undisclosed amount. The maneuver helped to build confidence in the protocol as Binance quickly added SXP to its markets which expanded liquidity for traders.
How to Buy Swipe (SXP)
Swipe (SXP) is currently available for purchase on the following exchanges.
Uphold – This is one of the top exchanges for United States & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.
Uphold Disclaimer: Terms Apply. Cryptoassets are highly volatile. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong..
Paybis is a truly global company offering services to residents from 180+ countries, including Canada, Europe, UK, & USA.
KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens. USA Residents are Prohibited.
WazirX – This exchange is part of the Binance Group, which ensures a high standard of quality. It is the best exchange for residents of India.
How to Store Swipe (SXP)
If you seek to make a major investment in ICP or if you are planning on HODLing this crypto for long periods of time, a hardware wallet is the best option. Hardware wallets keep your crypto stored offline in “cold storage.” This strategy makes it impossible for online threats to access your holdings. The Ledger Nano S or the more advanced Ledger Nano X both support Swipe (SXP) .
Swipe (SXP) Provides an All-Inclusive Approach to the Decentralized Market
The developers behind Swipe took great care to include the top features at this time. Crypto Visa debit cards are becoming more popular every day. Swipe's platform provides valuable services to both sides of the economy. Users and merchants gain a lot when they participate in the Swipe network. For these reasons, you can expect to hear a lot more from Swipe (SXP) moving forward.
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