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About Swipe (SXP)
Swipe's ecosystem is built around a multi-currency crypto wallet application paired with a Visa debit card.
As Messari explains, the Swipe Visa Card is a prepaid card that allows users to hold fiat as well as crypto.
"The card is not just limited to its transactions," Messari said in a research report. "It lets the users enjoy several other features offered by the Swipe ecosystem."
The Swipe Wallet requires Swipe's native asset, SXP, to use the services and to make withdrawals. The entire ecosystem is powered by SXP. Users are incentivized to hold SXP and also to buy, sell and pay with crypto, within the Wallet app, CoinGecko said.
Swipe Wallets require a deposit, of 1 SXP, pre-activation. The protocol runs on Ethereum. By design, 80% of network and transaction fees are burned; 20% of the fees are retained by Swipe. SXP news reports tend to play this aspect up.
The Swipe Visa Card is said to be accepted at tens of millions of retail points around the world.
After Binance took over Swipe in 2020, Swipe evolved into a DeFi hub providing features ranging from token swaps to automated marketing making.
After the acquisition from Binance, Swipe has been DeFi ecosystem powered by its utility token SXP, Messari said.
When was Swipe (SXP) created and how much was it worth?
Swipe was started by Joselito Lizarondo in 2018. He has been described as an early Bitcoin adopter/miner. Its main office and team are located in Taguig, an urban district of Manila, Philippines, Coin Bureau said.
Within one year, Swipe's crypto-to-fiat offerings had been integrated with Apple Pay, Samsung Pay and Google Pay.
In March of 2020 Swipe acquired Spend.com. Later that year, per Messari, Swipe was acquired by Binance for an undisclosed amount in a private deal. Around this time, SXP was at a record low, under 20 cents, according to CoinGecko.
SXP hit an all-time high near $6 in spring of 2021 around the time Lizarondo burned his tokens.
As of early July 2022, SXP was roughly $0.40.
How is the price of SXP determined?
Swipe raised $24 million via private and public token sales.
Some 60 million SXP were sold, representing 20% of supply.
The supply of SXP tokens is limited, meaning that there will only ever be a maximum of 300 million tokens.
Due to scheduled reductions in the SXP token supply, the total amount of SXP available is expected to decrease over time until there are only 100 million units left, Messari explained.
Why does SXP have value?
SXP is used for payments, and for staking as reportedly Swipe is seeking to launch a native Proof-of-Stake (PoS) blockchain. SXP that is staked on-chain will influence governance.
Is Swipe (SXP) secure?
Swipe token received Certik Audit Certification for its smart contract, according to Messari.
Certik conducted formal verification of Swipe smart contract in which the project was not only checked for bugs and vulnerabilities but also for source code standards and possible scenarios where codes can come under attack.
What are the main benefits of SXP
- The digital wallet application allows users to deposit cash and purchase any of the 30-plus crypto assets. Additionally, the wallet can be used for custody as well as for conversions.
- The Swipe card can be used to pay merchants. Smart contracts on the network will automatically convert any crypto.
- Users can stake SXP.
- Most funds are kept in cold storage at any given time. Users can swap seamlessly between assets in the app and can also purchase them directly using a debit card, credit card, or wire transfer, Coin Bureau said.
What do critics say about Swipe (SXP)
Coin Bureau said there is a relative lack of information. “Yes, Swipe has a Github, but only for their API; their core operations are not open source. The only 2 YouTube videos on the Swipe YouTube channel have the comments turned off, only one of these videos features a member of the Swipe team who is clearly reading off a script, the few Medium posts they have made are quite short and lack detail, and their whitepaper is really just a product manual which does not explain any of the technical elements of the project.”
Also, the short-term SXP coin forecast from CoinCodex was bearish, with three indicators giving bullish signals and 27 bearish signals as of 6 May 2022.
How to buy Swipe (SXP)
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