What is Swipe (SXP)?
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.
Who Created Swipe?
Swipe is a for-profit company founded by Joselito Lizarondo headquartered in London, but with operations in the U.S., Estonia and the Philippines.
Swipe raised roughly $24 million in a series of private and public token sales. Some 60 million SXP were sold in these fundraising exercises, representing 20% of the initial token supply.
In 2020, Swipe was acquired by the cryptocurrency exchange Binance. Swipe’s platform is now used to support Binance Card, a debit card that lets users spend crypto at physical locations.
Who Are the Founders of Swipe?
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.
How Does Swipe Work?
The Swipe network uses the Ethereum blockchain to hold crypto deposits on behalf of users and to grant them various benefits.
However, the platform also runs an off-chain API that allows for compatibility with traditional payments infrastructure, and thus enables features like payments to merchants.
Swipe Wallet
Anyone wishing to utilize Swipe’s features can do so through the Swipe wallet.
The digital wallet application allows users to deposit fiat currencies and purchase any of the 30+ cryptocurrencies offered by Swipe directly. Further, the wallet can be used to custody crypto assets as well as to convert one cryptocurrency to another.
Central to Swipe’s ecosystem is the ability for users to use the Swipe card to pay merchants. In this case, smart contracts on the network will automatically convert any cryptocurrency stored in the wallet to the needed fiat payment accepted by the merchants at the point of purchase.
Users can manage their card through the wallet application and stake the required amount of SXP to upgrade their card at any time.
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Cryptocurrency