Swipe (SXP), a multi-asset digital wallet and crypto debit card platform, has recently turned heads and made headlines.
The Swipe crypto debit card is designed to let users buy, sell, and spend their cryptocurrencies. It had previously embarked on a mission to take crypto finance to the mainstream by connecting existing payment networks to cryptocurrencies.
Notably, Swipe.io allows users to deposit crypto into their Swipe Wallets, which enables users to spend those funds in fiat currencies while using traditional Visa debit cards.
The crypto debit card provider also has a utility token (SXP), which can be used as a medium for paying for service. Also, when used for transactions, users receive discounts on the fees. 80% of transaction and withdrawal fees in the SXP token are automatically burned onchain.
According to a research project, the Swipe crypto debit card has unique features which include:
- Fast conversion: cryptocurrency conversions are done more easily, quicker, and confirmed within seconds.
- Scalability: the Swipe.io Visa card works anywhere which allows Visa payments.
- Security: all user assets are stored with custodial insurance, and the platform has received a Payment Card Industry Data Security Standard (“PCI DSS”) Level 1 certificate.
- User-friendliness: cardholders do not need to convert crypto to fiat manually, as the Swipe Network already provides funding sources for all conversions.
- Token deflation: when users utilize the Swipe Network and use SXP on-chain, 80% of transaction and withdrawal fees are burned directly by smart contracts.
It is also worth noting that the Swipe Visa crypto debit card is offered with two options:
- The Swipe Saffron card: this does not require any SXP stake and comes with a lower spending limit, but includes a 1% cashback in Bitcoin (BTC).
- The Swipe Slate card: this comes with higher limits and 4% cashback in Bitcoin.
Additionally, the crypto debit card can be managed from within the mobile app. Notably, after the client orders the card, it can immediately be activated from within the wallet and used to track its status.
Users are also able to view their card numbers and history by either tapping the card or relevant transactions. The card includes security options, including freezing or unfreezing the card, upgrading the card, viewing PINs for ATM access, and viewing card numbers through in-app authentication.
Swipe SXP token overview
Swipe uses a two-layer approach to combine off-chain and on-chain functions on its platform. For off-chain usage, supported cryptocurrencies can be instantly converted to fiat and used at point-of-sale.
However, on-chain usage, enables users to utilize the Swipe SXP token to associate directly with smart contracts.
Notably, the SXP token may be used in the following ways:
- Medium of exchange: users can store the SXP tokens in their Swipe wallets, and use them for fiat payments.
- Payment for charges: users can use the SXP tokens for conversion charges and withdrawal fees.
- Discounts: users can earn discounts on charges by staking their SXP tokens.
- Rebates: users are required to stake Swipe SXP tokens to access higher-tier debit cards and a higher rate of rebates.
- Staking: the crypto debit card hinted on plans to implement a Proof-of-Stake (PoS) consensus mechanism. This would give validators the opportunity to stake SXP tokens.
Binance Acquires Swipe Card
Today, Swipe & Binance announce strategic partnership to further mainstream the adoption of cryptocurrencies by bridging the gap between fiat and digital assets.
Learn more about the partnership and acquisition here: https://t.co/hZGCk2fOf2
— Swipe (@SwipeWallet) July 7, 2020
The acquisition will enable both companies to work together to further bring the adoption of cryptocurrencies to the mainstream. They will help bridge the gap between fiat and digital assets. This will be done through payments and purchases in cryptocurrency through traditional financial systems.
Changpeng Zhao (CZ), Binance CEO said in a statement that off-ramps are a key component if Binance would be able to achieve its mission of making crypto more accessible globally.
According to CZ, “By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone.”
Additionally, Swipe CEO Joselito Lizarondo, in his statement, expressed his excitement to work with Binance, noting the acquisition will synchronize crypto with fiat currency-based transactions.
“Partnering with Binance, given their world-recognized track record and user base, alongside a team that constantly executes, will place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide,” he said.
Want to learn more about what Binance CEO CZ has in store for the future of one of the largest cryptocurrency exchanges? Altcoin Buzz recently interviewed him: