It is no longer news that new projects are unceasingly launched in the Defi ecosystem with their cryptocurrencies. This is engineered by the developers’ quest to profer a lasting solution to the blockchain challenges.
They intend to give users access to a more reliable, secured, and fast platform with fewer fees. The Swipe project is one of these new projects.
The Swipe is a new project on the cryptocurrency blockchain barely a year old. It is a multi assets crypto ecosystem with an outstanding pace of development in the cryptocurrency space. Its has already secured partnership with exchanges like Binance and Coinbase few months after it started operation.
In this Swipe review, we will explore the details of the protocol to equip you with every piece of information about it. So keep reading to learn more.
What is Swipe (SXP)?
Swipe is a cryptocurrency platform that bridges cryptocurrency worlds and fiat via its 3 main products. It is developed to empower its decentralized economy and uses ‘card payment’ infrastructure.
The Swipe three main products include the Swipe crypto-funded debit card, the Swipe multi-asset mobile wallet, and the Swipe Token (SXP).
Merchants using Swipe can create ‘fiat funded card programs based on a card to allow them to receive both cryptos and fiat with ease. More so, users can spend and buy both fiat and crypto-assets on the Swipe platform through its connected smartphone Dapp or Visa debit cards.
Swipe is also a crypto company that offers many crypto-related services like cryptocurrency debit cards and a multi-currency wallet, including payment solutions for merchants, cryptocurrency savings and borrowing, and custom cryptocurrency debit card issuance.
The Swipe company’s team members and head office are in Taguig, Manila, Philippines. The Swipe is registered as a company in London.
Swipe team intends to develop another project-the Swipe network, which will be part of the Defi protocol ecosystem. The Swipe has a wallet that serves as the access point to its ecosystem.
This wallet is for storing and managing assets of various types, which include fiat currencies and cryptocurrencies. It is also used in managing the Swipe 2nd product- its debit card.
The Swipe debit card comes in different flavors, and each of them offers numerous benefits and perks. For example, the card permits users to use their crypto funds at any ‘Visa payment’ terminals.
The Swipe has a native token that powers its ecosystem known as the Swipe token (SXP). It serves as a means for settling transaction fees and a fuel for the network.
Holders of the Swipe token on the Swipe app enjoy an exclusive discount. The SXP token is also used through the debit card for fiat payments.
History of Swipe (SXP)
Joselito Lizarondo is the founder of Swipe, who started early to invest in bitcoin. He is an individual with a grounded experience in starting up businesses. Lizarondo is currently the CEO of the Swipe platform.
Lizarondo unexpectedly burnt all his ‘founder’ tokens. He intended to enhance the increase of the SXP token value proposition for its holders to avoid token scarcity.
This act led to an increased demand for the SXP token as the founder token worth more than USD 200million. Moreover, the decision also led to the destruction of over 17% of the total token supply. The Binance CEO commended him of this on Twitter.
The Swipe CEO worked with a team with the following as the executive members. John Kenneth-the Swipe’s COO and Anecita Sotomil, the network’s chief legal officer (CLO).
Kenneth was the senior creator at the Vibial Group, while Sotomil was a tax and legal officer at the PricewaterhouseCoopers.
Henry Niduaza is another member of the executive team. He is the CTO of the Swipe network and has been a CTO twice with over 30 years of banking, fintech, and retail experience.
The rest of the team is made up of members with professional experience in various fields. Like the community management staff, developers, and markers.
However, the Swipe project is a first-time crypto-oriented position for most of the current Swipe team members. Even though they may have some experience in other fields.
The Binance exchange around July 2020 acquired Swipe for a sum yet to be announced. Binance is recently the world’s top cryptocurrency exchange.
This development certainly increased the user’s confidence in the protocol as the Binance exchange also added the SXP token to its list. Also, it has helped to expand the SXP liquidity for its traders.
Swipe Token ICO
The Swipe project had two ICOs (initial coin offerings) for the SXP tokens. The first ICO sales were private and occurred on the 1st of August, 2019. It sold over 19.5 million SXP tokens at the rate of USD 0.2. They realized over 3.9 million at the end of the sales.
The second ICO was done between the 2nd to 9th of the same month. The sale was public and made over USD8 million from selling 40.4 million SXP at the rate of USD 0.2. 240 million SXP tokens remained, and 20% (60 million) were for the Swipe team. 40%, which is equivalent to a 120million, was reserved, and the remaining 20% were for the founders.
The Swipe network time locked the remaining tokens in a ‘smart contract’ to release 600,000 SXP tokens monthly to the team. 1.2 million tokens will be released to the reserve for the growth (airdrops, staking rewards, etc.) of the ecosystem. Ten million SXP tokens are released annually to the founders.
All SXP tokens will be released into circulation around August 2028.
What Makes Swipe Unique?
The Swipe, through its user-friendly mobile app and debit cards, allows users to poses full control of their digital currencies. This digital currency includes fiat finances and cryptos.
Another Swipe’s unique feature is its platform usability. The network allows users with various levels of experience to access it. This makes it very simple for users to spend cryptos using the Swipe Visa debit card or store & manage cryptos on its wallet app.
Users need to have a fixed min amount of SXP tokens before they can buy a Swipe Sky Slate or Steel debit card. And then gain the perks this gives, including zero fees for foreign transactions, increased spending limits, and up to 8% cashback on all purchases.
Swipe is interested in the crypto holders seeking to make purchases with their assets every day. It makes crypto to fiat conversion very simple for them, which they can then spend with their Swipe debit card.
It uses the revenues it generates from exchange and transaction fees to support the growth of the Swipe ecosystem and its expansion to new regions.
In addition to unlocking various perks for its holders, the SXP token is also used to create and vote on governance proposals. It allows holders to contribute to the shaping and development of the Swipe network.
How Swipe Network is Secured?
The Swipe has the authority to give out the Visa debit cards in varieties of jurisdictions. This includes more than thirty countries in Europe. The Swap has also be permitted to launch this Visa debit card in the U.S.
The Swipe (SXP) is also an ERC-20 token. Its integrity is preserved by Ethereum’s network of massive nodes and consensus (POW) proof of work mechanism.
Individuals using the Swipe wallet benefit from the insurance plan of USD100 million offered via the Custody of Coinbase. In addition, they can lock down their Swipe debit card at will using the Swipe Wallet app.
Where to Buy Swipe (SXP)?
The SXP token is listed against varieties of cryptos like Ethereum (ETH), Tether (USDT), and Bitcoin (BTC. And also, fiat currencies like U.S. dollars (USD, euros (EUR), and Korean won (KRW)
The Swipe token is found trading on over fifty different exchanges, including the most reputable of all exchanges like KuCoin and Binance. Others exchanges include Gate.io, Poloniex, FTX, ZG.com, CoinTiger, and Upbit.
Binance – This is best for Singapore, Australia, the UK, Canada, and most countries in the world. Residents of the USA are prohibited.
Gate.io – This is the best-recommended exchange for the residents of the USA.
How to Store Swipe?
The Swipe token can be stored using the wallets supported by the network.
Users who wish to invest more or stake the SXP for too long are recommended to use the hardware wallet. It stores digital currencies offline (cold storage) and makes it difficult for threats to gain access to user’s holdings.
Other wallets that can be used are the Ledger Nano S and the advanced Ledger Nano X.
SXP Price Live Data
The Swipe market price is trading at $1.94 with a 24-hour trading vol. of USD142,673,368. It has a significant ranking and it records a 1.3% downward trade within the last 24 hours.
It has a circulating token supply of 95,181,302 SXP coins and a live market cap of USD 173,248,120. Therefore, the SXP maximum supply is 239,612,084 SXP coins.
How Does the Swipe Protocol Work?
Swipe is hosted on Ethereum’s blockchain. It uses the blockchain to sustain deposited funds and facilitate users’ transactions. The protocol, as well, functions both on-chain and off-chain. The off-chain API supports payment methods to users and merchants.
Swipe Cryptocurrency Wallet
To access Swipe’s features, you have to get the Swipe Crypto Wallet. It supports over 100 cryptocurrencies and 20 fiat currencies at a go. You can buy, sell, pay, swap, exchange, and relate with dApps within the platform. It can store your ERC20-compatible tokens for any transaction.
Swipe’s wallet is a centralized wallet financially supported by Binance’s SAFU (Secured Asset Funds for Users). The wallet’s funds received $200 million insurance provided equally by BitGo and Coinbase Custody.
The wallet stores the funds in offline cold storage. The wallet enables users to uniformly convert digital assets and buy them directly. The users purchase the assets through wire transfer, credit card, or debit card.
Swipe Debit Card
Swipe’s debit card is one of the essential features of the protocol. The card is a result of the company’s collaboration with VISA. Thus, wherever the VISA card is accessible, the Swipe card also is. The Swipe protocol utilizes smart contracts PoS mechanisms to swap cryptocurrencies to fiat currency.
Swipe’s debit card allows a user to buy a cryptocurrency directly. This card, unlike the other crypto debit cards, doesn’t need you to convert the currency before purchasing another.
There are 4 levels of the Swipe debit card, and they include Slate, Steel, Sky, and Saffron. Apart from the Saffron debit card, other cards need users to stake SXP tokens for more attractive incentives. These incentives can be 100% discounts for Netflix, Hulu, Amazon Prime, Apple Music, and Spotify. They can also be a 10% slash in Starbucks, Airbnb, Uber, etc.
A very lucrative feature of the Swipe debit card is the rebate incentives which are paid in Bitcoin tokens (BTC).
These incentives sometimes amount to 5%. Swipe cards support NFC payments and ATM withdrawal. They also offer referral rewards of up to $3,000.
The Swipe debit card offers you a great advantage. You can receive up to an 8% rebate in BTC if you make a purchase.
Given some strategic collaborations, you can now access free Spotify, Netflix, or Hulu subscriptions as you join the protocol’s community.
Swipe protocol has a centralized crypto lending ecosystem known as Swipe Credit. It functions like decentralized crypto lending protocols like Compound and Uniswap in that you need to overcollateralize your asset loans. You can only borrow 50% of your deposited funds. The supported cryptocurrencies for borrowing are:
- Ethereum token, ETH
- Bitcoin token, BT
- Ripple token, XRP
- Bitcoin Cash token, BCH
- Paxos Standard token, PAX
- Tether, USDT
- EOS token, EOS
- USD coin, USDC
- Swipe token, SXP
- Litecoin token, LTC
- Dai token, DAI
The interest rates begin at 6% annually.
The protocol allows you to invest any of the above protocols in any supported crypto exchange for an ARY reaching 14%. You can lock or unlock any crypto-asset you wish, and the more time an asset is stored, the higher its APY increases.
The SXP tokens you deposit to gain the Swipe debit card are also locked in the Swipe Savings section and also accumulate more interests.
A vesting schedule is responsible for making it possible. Both Swipe Wallet and Swipe Credit platforms have integrated Chainlink’s oracles to advance the crypto burning accuracy and incentive allocations.
Swipe issuing permits the seamless creation of physical or virtual debit cards. The protocol manages the compliance, network demands, and regulations and charges the user for issuance fees, setup charges, and some transactional commissions. You can customize your debit card as you desire.
What Problem Does Swipe Solve?
Swipe integrates a permissionless platform and a dApp(decentralized application) wallet to connect the cryptocurrency world with fiat currency. Presently, both worlds are still apart. The Swipe protocol collaborates with top payment systems in the world to bring businesses closer to their markets. The protocol also utilizes powerful APIs to generate customized cards.
One of the problems Swipe protocol focuses on eradicating is the expensive cost in transactions. Legacy markets charge high fees upon each transaction with your crypto debit cards. And these costs may increase up to the point of affecting your crypto assets. However, Swipe cryptocurrency debit card doesn’t charge any fee upon any transaction.
Advantages of Swipe Protocol
There are numerous benefits of the Swipe protocol. First, it enables businesses and individuals to access cryptocurrencies at their will globally. It also provides these businesses control over the network as they want.
Swipe registers new users without stress. Delving newly into the decentralized marketing world can be complicating. However, the protocol simplifies everything for users to convert their fiat currency to a cryptocurrency using the fiat-on-ramp program. And most essentially, users can purchase a cryptocurrency via their Swipe wallet.
Users have access to a great array of cryptos. There are over 30 crypto assets accessible for users, including leading assets like Ethereum, Bitcoin, Tether, DAI, etc. Also, the protocol is compatible with over 135+ fiat currencies worldwide. Using this way, Swipe aims at solving the needs of the global community.
One other advantage of the protocol is that it permits contactless payments. Swipe’s mobile decentralized app (dApp) allows you to access Google Pay, Apple Pay, and Samsung Pay. You can link all your payment devices without worrying about the stressful digits and cards.
Swipe allows you to leverage decentralized payment methods without worrying about satisfying the required regulations.
The protocol meets all identity verification and Know-Your-Customer (KYC) requirements in all regions. Previously, regulatory compliance has been a major obstruction to cryptocurrency. But, Swipe eliminates such concerns.
The Swipe coin was established to scale up globally. Currently, it is accepted in over 30 countries. Additionally, it features a multiple languages interface and supports a large variety of fiat currencies. As we have seen, Swipe aims to assist globally to facilitate international transactions for its users.
Conclusion of Swipe Review
Swipe protocol is a project that has started effectively to assist individuals and organizations. It also aims to solve international exchange and trade challenges.
Swipe’s development team is preparing to go deeper into the DeFi world. As a user, you can quickly get the mobile or connect online to access a variety of options to trade with.