Swipe is a powerful API platform that lets businesses build cryptocurrency to fiat exchange card programs. Swipe handles all regulatory, compliance, and network tasks needed to launch these programs. This speeds up the process and makes it easier for businesses. Businesses can use Swipe's wide network of bank partners, major payment networks, direct licensing, and APIs to quickly establish customized card programs for their clients. This saves them time and money, making Swipe an appealing platform to use.
Swipe is a for-profit organization founded by Joselito Lizarondo, an early Bitcoin investor with extensive experience in startup enterprises. Lizarondo is the platform's former chief executive officer. Members of the team have worked for companies like PwC, American Express, Samsung, Visa, Apple, and Google. This gives the Swipe team a lot more credibility and may have made it easier for them to get partnerships with some of these payment networks.
Swipe was taken by Binance, a cryptocurrency exchange, in 2020.Swipe's platform is now being used to support the Binance Card, a debit card that allows users to spend cryptocurrency at physical locations.
Swipe utilizes a decentralized ecosystem and wallet dapp to provide a connection between the fiat and cryptocurrency worlds. At the moment, the crypto market and the traditional financial market are still completely distinct. Swipe connects and works with the biggest payment networks to make it easier for businesses to get started in the market. Also, the network uses powerful APIs to create customized products. Another key issue that Swipe helps to solve is high fees. In the traditional market, debit card transactions are subject to a fee. These fees can accumulate and reduce your wealth. Notably, Swipe (SXP) does not impose any fees on its debit card services.
Swipe Wallet: The digital wallet application enables users to deposit cash and directly acquire any of the 30+ cryptocurrencies available by Swipe. Also, the wallet can be used to store crypto assets and convert one cryptocurrency to another.
Swipe Pay: Swipe Pay enables merchants to accept crypto payments. Swipe also gives merchants the option of having cryptocurrency payments immediately converted into 1 of over 20 fiat currencies.
Swipe Credit: Swipe Credit is a platform for lending cryptocurrency that is centralized. Similar to decentralized cryptocurrency lending systems such as Compound, Swipe Credit mandates that loans be over-collateralized.
Swipe Issuing: Swipe Issuing makes it easy for third parties to make physical and digital debit cards for cryptocurrencies. Swipe handles all regulatory, compliance, and network requirements in exchange for a setup fee, issuance fee, and a small portion of transaction fees.
The SXP token can be used in the following ways: Medium of exchange: Users can hold SXP tokens in their wallets and use them to pay for goods and services with fiat currency. Payment for Fees: SXP tokens can be used by users as payment for withdrawal and conversion fees. Discounts: Users who stake SXP tokens are eligible for fee reductions. Rebates: Users must stake SXP tokens to gain access to higher-tier debit cards and rebate rates. Staking: Swipe intends to utilize a Proof-of-Stake (PoS) consensus process that requires validators to stake SXP tokens.
| DATE | NEWS/EVENTS | IMPACT |
| 07/05/2022 | TerraUSD and LUNA both collapsed and as a result, a number of crypto platforms folded in the aftermath | -66% Decrease |
| 30/12/2021 | SXP surges after Binance agrees to acquire outstanding Swipe shares | +61% Increase |
The Swipe ecosystem contains a wide range of products and services, all of which use the SXP token in some form. Swipe aspires to make cryptocurrencies more feasible and accessible to the common person with the help of its Visa debit card. Combined with this token's deflationary nature, there are numerous reasons to read the whitepaper and keep a watch on how this project develops.
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