Swipe (SXP) – All you need to know
What is Swipe?
Swipe is a cryptocurrency company that offers a huge range of different services: Swipe Wallet, Swipe Crypto Debit Cards, Swipe Pay, Swipe Credit, Swipe Savings and Swipe Issuing. The SXP token is Swipe’s in-house token and is used to govern the various applications housed under the Swipe umbrella. Holders of SXP can vote on key decisions concerning Swipe’s development.
The company is marketing itself as an all-in-one cryptocurrency service provider. Whether it is using the centralised Swipe Wallet to store over 30 cryptocurrencies and fiat currencies, or using Swipe Credit to take out loans by posting crypto as collateral, Swipe is attempting to integrate cryptocurrencies into mainstream financial activities.
Launched in 2018 and based in London, Swipe is one of the newest names in the crypto scene and was acquired in 2020 by the major crypto player, Binance.
How does Swipe work?
Swipe’s applications all work differently, but fundamentally they rely on blockchain technology to function. The company’s wallet works much like an online Bitcoin wallet, allowing users to securely store SXP tokens along with 30 other cryptos and fiat currencies.
The Swipe debit card works like a Visa card or a Bitcoin debit card that allows users to purchase with cryptocurrency without a direct conversion, and Swipe Issuing allows third parties to issue their own digital crypto debit cards with minimal hassle bar a few fees. If users would rather just pay a merchant online, Swipe Pay is a payment solution available in over 180 countries that allows users to pay in crypto, which is then converted by the Swipe system and paid to vendors in fiat currency.
In the case of Swipe Credit, users can withdraw up to 50% of the value of the cryptocurrency they post as collateral, allowing instant loans with no middleman and no protracted application process. Lastly, Swipe Savings works by allowing users to deposit from a range of 12 different cryptos with annual percentage yields (APY) of up to 14%.
Fact-checking & references
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