Cryptocurrency

What Is Swipe (SXP)?

By Adam N. Lamberg

Posted on February 1, 2022

While many DeFi tokens are considered to be speculative in nature, SXP primarily serves as a utility token. It powers the entire Swipe ecosystem. By providing utility to token holders, there are multiple incentives to either use or hold SXP.

One core aspect of the Swipe ecosystem is its Visa debit card. It isn’t the first nor the only cryptocurrency debit card in existence. However, unlike similar projects, users don’t need to stake SXP to be able to use the debit card service.

There are a few different versions of the Swipe debit card. While holding SXP is not a requirement, SXP token holders are able to obtain the higher-tier cards. The high-tier cards include benefits, such as subscriptions to Netflix or Spotify, no foreign transaction fees, and discounts through Starbucks, Uber, Apple Music, and Airbnb.

Swipe is a platform that looks to form a bridge between the fiat and cryptocurrency worlds with its API that is designed to create global payment cards powered by its native SXP token.

Swipe also has an on-chain product called Swipe Swap, an Automated Market Maker which is forked by Uniswap, SushiSwap, and THORchain and is powerd by Swipechain.

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, and securing Swipechain through bonding and governance.

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 July 2020, it was announced that Swipe was acquired by Binance — one of the world’s leading digital asset exchanges — for an undisclosed sum.

What Makes Swipe Unique?

Swipe currently powers the world’s largest digital asset exchanges, Binance and FTX, connect to the world’s largest payment network, Visa, through its Swipe API.

The Swipe API enables real-time cryptocurrency to fiat conversions with just a swipe of a debit card at a point of sale or ecommerce transaction which enables Swipe to create a frictionless user-expereience for its clients. Bundled in the Swipe API is Swipe Rewards, a card-linked-offer cashback network that lets cardholders earn up to 30% back at participating retailers.

How Is the Swipe Network Secured?

Swipe (SXP) is an ERC-20 token, as a result, its integrity is maintained by Ethereum’s proof-of-work (POW) consensus mechanism and massive node network.

Swipechain utilizes a Byzantine Fault Tolerance consensus mechanism via Delegated Proof of Stake (DPoS).

Where Can You Buy Swipe (SXP)?

Swipe (SXP) can currently be traded on the world’s leading cryptocurrency exchange platform, via BitYard.com and currently an excellent liquidity.

About BitYard

BitYard, founded in late 2019 and headquartered in Singapore, is the world’s leading cryptocurrency derivative exchange. As one of the fastest-growing exchanges, BitYard has continuously improved its platform to bring BitYard users many advanced trading services. With the current company slogan “Grow Your Future in the Yard”, BitYard is fully committed to helping global traders to invest in their own future through its one-stop financial trading services.

Customer Support: Support@bityard.exchange

Business Request: bd@bityard.exchange