As part of the growing decentralized financial ecosystem (DeFi), Swipe offers its users a wide range of products and services. Visa Cash Card and the DeFi Multi-Asset Swipe app allow you to instantly convert between digital currencies, Fiat currencies and Stable Coins.
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As of December 2020, the program supports four stable currencies (USDT, USDC, BUSD, and DAI) and two Fiat currencies (USD and EUR). The Swipe Visa Cash Card service is currently available in Europe and the US Cash Card will be available soon.
All SXP products are enhanced with native SXP tokens that act as a decentralized digital currency. This native digital currency has several applications in the Swipe ecosystem. Some of them are given to token holders, while over time they are exposed to reduced supply by burning coins.
What Is Swipe (SXP)?
Swipe is a platform with three main products available: Swipe Multi-Asset Mobile Wallet, Swipe Cash Card and Swipe Token (SXP), a platform between the world of Fiat and digital currencies.
SXP wallet acts as the main access point to the Swipe ecosystem and can be used to store and manage a wide range of assets – including digital currencies and Fiat currencies. This wallet can also be used to manage the second Swipe product – Swipe Cash Card. This debt allows users to spend their digital currencies on Visa payment terminals and is available in a variety of flavors, each offering incremental benefits and advantages.
This ecosystem is powered by Swipe Token (SXP), which acts as the fuel for the Swipe network and is used to pay for transactions. Holders of SXP tokens are eligible for exclusive discounts on the Swipe app, and this token can be used to pay for Fiat with a Swipe cash card.
SXP is a card issuer API platform that allows businesses to generate cash cards related to digital currency. In addition, Swipe connects payment networks to digital asset exchanges and offers an integrated payment card experience.
In addition, its extensive API endpoint library provides users with access to more than 70 million locations and more than 135 on-demand Fiat currencies, all of which are powered by SXP tokens as payment services. According to the white paper, Swipe cards offer unique security measures to protect cardholders. For example, Swipe allows exporting parties to implement a lock feature to lock and unlock their cards quickly.
There is a special reporting API for when a user card is stolen or misplaced. This allows users to block the card and investigate any suspicious transactions. Swipe also enables the conversion of digital currencies, non-fungible tokens (NFTs) and other digital assets using its native real-time conversion layer to Fiat. Binance acquired Swipe in 2020 and now supports the Binance Card, a cash card that allows users to spend encrypted assets in physical locations.
SXP is the main Swipe network token and offers the following uses:
Payments
SXP is used to pay for various services, such as card issuance fees and card-related transaction fees at various locations.
Discounts
Swipe Issuing Premium uses SXP to reduce transaction costs, start-up costs, and processing costs.
Governance and Shareholding
SXP is used as a governance token to vote on protocol improvements, and users can also share their tokens to win betting prizes.
Multi-Chain
SXP is a multi-chain digital currency available in Ethereum, Binance Chain and Binance Smart Chain.
How Does Swipe Work?
As mentioned, the Swipe network can operate in and out of the chain. The user can enable Swipe network access by depositing 1 SXP. When trading on the Swipe network, 80% of transaction costs in SXP tokens are automatically burned by the smart contract. In the future, Swipe plans to introduce Proof-of-Stake charging.
SXP is a native Swipe token. This was created to verify transactions on the Swipe platform. Users can store SXP tokens in their wallets and use them to pay in Fiat currencies. They can also block SXP tokens and receive additional discounts on transaction costs. If a user wants to access higher level cash cards and higher discounts, they are required to block SXP tokens.
What is SXP used for?
The first use is in the form of payment. SXP Asset is available for payment in over 60 million locations worldwide. This is possible through merchants who accept digital currency or Visa cards. In terms of transactions, SXP can move across the atrium and the binary chain, making it a powerful asset for peer-to-peer transactions.
The second advantage is that owners can receive various discounts on costs. SXP holders can use their tokens to cover transaction costs on the Swipe network, including transfers via Swipe Wallet and Swipe Visa Card.
Another case is the use of Swipe Visa cash card. With four different levels, there are incentives to maintain or obtain SXP. The larger the amount of storage, the higher the card row.
Holding SXP can bring more benefits to cardholders, including discounts on purchases and free subscriptions to popular streaming services. Users who share 30,000 SXP for six months will also be eligible for an 8% cashback on all purchases and other additional benefits.
Users who make stocks can also receive SXP rewards for their contribution to network security. Last but not least, SXP owners can participate in network governance, making suggestions, and voting on protocol changes that affect the Swipe network.
Who created Swipe?
Swipe is a for-profit company founded by Joselito Lizarondo, headquartered in London but operating in the United States, Estonia and the Philippines. Swipe raised approximately $24 million in a series of private and public SXP token sales. About SXP 60 million was sold in these fundraising exercises, representing 20% of the initial token supply. In 2020, Swipe was acquired by Binance Digital Currency Exchange. The Swipe platform is now used to support Binance Card, a cash card that allows users to spend cryptocurrencies in physical locations.
Why buying SXP worth it?
SXP cryptocurrency is central to the maintenance and operation of the Swipe network and can be used to pay for various services in the Swipe ecosystem. First of all, SXP is used to pay for transactions on the SXP network. Remarkably, 80% of this cost is “burned out” or removed from the cycle by smart contracts on the network.
According to the software rules, the supply of SXP tokens is limited, meaning that there will only be a maximum of 300 million tokens. The protocol is said to issue more than 2 million SXPs per month, with some of these tokens being distributed as rewards to users who help keep the network running. The rest of the supply will be exported to Swipe and used to repay the Swipe team and founders.
Due to the planned reductions in the supply of SXP tokens, the total amount of SXP available over time is expected to decrease until only 100 million units remain.
In conclusion
The Swipe ecosystem includes many different products and services, all of which use some sort of SXP password. With its Visa cash card, SXP strives to make digital currencies more useful and accessible to everyday people. Along with the token’s inflation reduction model, there are several reasons to take a closer look at the white paper and how the project evolved.
FAQs
Is SXP coin a good investment?
SXP has found its place in the cryptocurrency outlook. Its acquisition by Binance in 2020 helped boost Swipe acceptance with access to Binance’s huge user base. However, whether or not the SXP token is right for your portfolio depends on your risk-taking conditions. Before investing, you should consider the level of risk you are willing to take and never invest money you can’t afford to lose.
How many coins SXP owns?
It has 190 million SXP coins and a total supply of 285 million in circulation.
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