Swipe Coin (SXP) is a platform that tries to create a bridge between the worlds of fiat and crypto money with its three main products. The Swipe wallet can be used to store and manage a wide variety of assets, including both cryptocurrencies and fiat currencies, acting as the main access point to the Swipe ecosystem. The wallet can also be used to manage Swipe’s second product, the Swipe debit card.
This debt allows users to spend their cryptocurrencies at Visa payment terminals and comes in a variety of forms, each offering incremental benefits. This ecosystem is powered by the Swipe Token (SXP), which serves as fuel for the Swipe Network and is used to pay transaction fees. SXP coin holders are eligible for special discounts on the Swipe app, and the coin can be used to make fiat payments with a Swipe debit card.
What is Swipe Coin?
Swipe Coin is founded by Joselito Lizarondo, an early Bitcoin investor with experience in startup businesses. Lizarondo currently serves as the platform’s CEO. Also, John Khenneth, former senior creator of Vibial Group, is Swipe’s COO, while Anecita Sotomil, a former tax and legal officer at PricewaterhouseCoopers, is the chief legal officer (CLO). Finally, the Swipe management team is rounded off by the newly added CTO Henry Niduaza, a two-time successful CTO with more than three decades of experience in banks, retail and fintech.
The entire Swipe team consists of more than a dozen people, including developers, engineers, marketing and community management staff. Swipe is the first crypto-focused location for most current team members. In July 2020, it is announced that Swipe was purchased by Binance, one of the world’s leading digital asset exchanges, for an undisclosed price.
When was Swipe Coin released?
Swipe Coin release date is 2020. Swipe is designed to give users full control over both their crypto and fiat finances through its easy-to-use mobile app and range of related crypto debit cards. One of its most important distinguishing features is its usability. Swipe is designed to be accessible to users of all experience levels. This makes storing and managing cryptocurrencies in the Swipe wallet app or spending cryptocurrencies using a Swipe Visa debit card a simple task.
The Swipe (SXP) token is at the heart of the Swipe ecosystem. Users must have a fixed minimum SXP amount to be eligible to purchase a Swipe Sky, Steel or Slate debit card. Therefore, up to 8% cashback on purchases, improved spending limits and zero foreign transaction fees occur. By making it extremely simple to convert cryptocurrencies to fiat, which can then be spent using a Swipe debit card, Swipe aims to attract a growing number of cryptocurrency holders who want to use their holdings for everyday purchases.
The country of Swipe Coin
The country of Swipe Coin is the Philippines. The maximum supply of the Swipe (SXP) coin is set at 300 million coins. As of November 2020, just over a quarter of that is in circulation. As per the project white paper, a total of 1.2 million SXP is presented each month for ecosystem rewards, in addition to a further 600,000 SXP for company operations. On top of that, 10 million SXP per year is provided for the Swipe team and its founders.
100% of the token supply will be reached by 2028. However, this would likely be slightly less than 300 million tokens as 80% of all SXP used for transaction and withdrawal fees will be burned. This on-chain combustion process continues until the circulating supply drops to 100 million. SXP holders can also stake their SXP and connect it to the Swipe network to earn some of the network rewards. Limited to a total of 40,000 SXP per day. A proportional portion of this total is distributed to anyone who bets more than 1,000 SXP.
How to buy Swipe Coins?
To get Swipe Coin, it is necessary to create an account on cryptocurrency exchanges. The Swipe token can currently be used to trade on more than 50 different exchanges, including some of the largest and most respected platforms, including Binance, KuCoin, and Poloniex. SXP is currently listed against various cryptocurrencies including Tether (USDT), Bitcoin (BTC), and Ethereum (ETH), as well as various fiat currencies such as Korean won (KRW), euro (EUR), and US dollar (USD).
Which infrastructure does Swipe Coin use?
Swipe Coin infrastructure is ERC-20 token. Its integrity is maintained by Ethereum’s proof-of-work (POW) consensus mechanism and large network of nodes. Beyond that, Swipe Wallet users benefit from a $100 million insurance plan available through Coinbase Custody and have the ability to lock Swipe debit cards as needed through the Swipe Wallet app. Swipe is authorized to issue Visa debit cards in various jurisdictions, including more than 30 countries in Europe. However, it has recently received the green light to launch wallet and Visa debit card products in the US.
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