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Swipe is a platform that looks to form a bridge between the fiat and cryptocurrency worlds with its three main existing products: the Swipe multi-asset mobile wallet, the Swipe cryptocurrency-funded debit card and the Swipe Token (SXP).
The Swipe wallet acts as the main access point to the Swipe ecosystem and can be used to store and manage a wide variety of assets — including both cryptocurrencies and fiat currencies. The wallet can also be used to manage Swipe's second product — the Swipe debit card. This debit allows users to spend their cryptocurrencies at Visa payment terminals and comes in a variety of flavors, each of which offer increasing perks and benefits.
This 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 was founded by Joselito Lizarondo, an early Bitcoin investor and individual with a wealth of experience in startup businesses. Lizarondo currently serves as CEO of the platform.
In addition, former senior creator at Vibial Group John Khenneth is the Swipe’s COO, while Anecita Sotomil — a former tax and legal officer at PricewaterhouseCoopers — is its chief legal officer (CLO). Lastly, the Swipe executive team is rounded out with newly added CTO Henry Niduaza, an accomplished two-time CTO with more than thirty years of experience in banks, retail and fintech.
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.
In July 2020, it was announced that Swipe was acquired by Binance — one of the world's leading digital asset exchanges — for an undisclosed sum.
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.
One of its key distinguishing features is its usability. 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.
As previously touched on, the Swipe (SXP) token sits at the core of the Swipe ecosystem. Users will need to hold a fixed minimum amount of SXP to be eligible to purchase a Swipe Sky, Steel or Slate debit card — and hence benefit from the perks these offer, such as up to 8% cash back on purchases, improved spending limits and zero foreign transaction fees.
By making it extremely simple to convert cryptocurrencies to fiat, which can then be spent using the Swipe debit card, Swipe targets the increasing number of cryptocurrency holders looking to use their assets for everyday purchases. It also generates revenue from transaction and exchange fees, which is used to support the expansion of the ecosystem and its rollout to new regions.
Besides unlocking a variety of perks for holders, SXP can also be used for creating and voting on governance proposals, allowing holders to help shape the development of the Swipe ecosystem.
Read about MCO — a utility token launched by crypto debit card provider Crypto.com.
Check out the NEXO token — a token used to unlock better interest rates at Nexo.
Want to learn more about crypto debit cards? Check out our simple guide with CoinMarketCap Alexandria.
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The Swipe (SXP) token has its maximum supply set at 300 million tokens. As of November 2020, just over a quarter of this is already in circulation.
As per the project white paper, a total of 1.2 million SXP will be made available each month for ecosystem rewards, in addition to a further 600,000 SXP for company operations. On top of this, 10 million SXP will be made available annually for the Swipe team and founders.
A total of 100% of the token supply will be reached by 2028, but this will likely be somewhat lower than 300 million tokens since 80% of all SXP used for transaction and withdrawal fees will be burned. This on-chain burn process will continue until the circulating supply is brought down to 100 million.
SXP holders can also stake their SXP and bond it to the Swipe network to earn a fraction of the network rewards — capped at a total of 40,000 SXP per day. A proportional fraction of this sum is distributed to anybody staking more than 1,000 SXP.
Beyond this, Swipe Wallet users benefit from a $100 million insurance plan offered through Coinbase Custody, and have the ability to lock down their Swipe debit card whenever needed through the Swipe Wallet app.
Swipe is authorized to distribute Visa debit cards in a variety of jurisdictions, including over 30 countries in Europe, but also recently received the green light to launch its wallet and Visa debit card products in the United States.
The Swipe token is currently available to trade on more than 50 different exchanges, including several of the largest and most reputable platforms — including Binance, KuCoin and Poloniex.
SXP is currently listed against a variety of cryptocurrencies, including Tether (USDT), Bitcoin (BTC) and Ethereum (ETH), as well as several fiat currencies, like Korean won (KRW), euros (EUR), and U.S. dollars (USD). For more information about purchasing cryptocurrencies with fiat, check out our comprehensive guide.
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