What is Swipe (SXP)? All basic information about SXP Token

What is Swipe?

Swipe is a cryptocurrency trading portal built on the Ethereum blockchain, allowing cryptocurrency to be used as a fiat currency in everyday life.

Swipe provides users with a Swipe Wallet to store, deposit, and withdraw cryptocurrency. In addition, they also expand other products and services such as cards,…

However, during my research on this project, I found that Swipe is not only a coin storage wallet, but it also builds a separate ecosystem around it. Components in Swipe Network include:

Swipe Protocol Components: Swipe Wallet, Swipe Card, and Swipe Smart-Contracts.
Swipe Network – Mainnet v1.
Swipe Network – DAO & Staking v2.

In the framework of this article, I will mention more about its token. In other components, you can actively learn more deeply.

Features of Swipe

Swipe was born with the mission of making crypto finance mainstream, by connecting existing payment networks with cryptocurrencies. Swipe allows users to deposit cryptocurrency into their Swipe Wallet. The user can then convert that crypto to Fiat via the Swipe Visa debit card to pay in life.

Here are some highlights of the project:

Fast Conversion: Converting Crypto to Fiat in seconds.
Scalability: The Swipe Visa card works anywhere that allows Visa payments.
Security: All user assets have custody insurance. Swipe has been certified to the Payment Card Industry Data Security Standard Level 1 (PCS/DSS).
User-friendly: Cardholders do not need to manually convert crypto to Fiat as Swipe Network already supports all conversions.
Reducing Inflation: When users use Swipe Network and use SXP tokens, 80% of transaction fees and withdrawal fees will be burned directly by Smart Contract.

SXP’s Token Details

What is an SXP token?

SXP is the official token of the Swipe payment system. The SXP token is built on the Ethereum blockchain according to the ERC-20 standard.

SXP tokens were issued through Private Sale and Public Sale on August 1, 2019.

Key Metrics SXP

Blockchain: Ethereum & Binance Smart Chain.
Decimal: 18.
Token Standard: ERC20 & BEP20
Contract:
- ERC-20: 0x8ce9137d39326ad0cd6491fb5cc0cba0e089b6a9
- BEP-20: 0x47BEAd2563dCBf3bF2c9407fEa4dC236fAbA485A
Token type: Utility Token.
Consensus: Proof of Stake.
Total Supply: 300,000,000 SXP.
Circulating Supply: 66,012,799 SXP.

SXP Token Allocation

With a total initial supply of 300 million tokens, SXP is distributed by the development team into 5 parts with the following ratio:

120 million tokens are used as reserves.
60 million tokens are held by Founder.
60 million tokens are held by Team.
4.044 million tokens were used for Public Sale.
1,956 million tokens were used for Private Sale.

SXP Token Sale

Swipe organizes the sale of SXP tokens through Public Sale and Private Sale. Here are the details of the sale rounds:

SXP Token Release Schedule

SXP tokens will be unlocked in 2027. Below are details on when and how many SXP tokens will be unlocked.

SXP’s Token Use Case

In the project’s ecosystem, SXP is used to:

Staking Reward: Swipe has a plan to use the Proof of Stake Change, validators will be rewarded for their contributions to the network.
Discount: Users will stake SXP tokens and receive a discount.
Fees: SXP tokens are used to pay for transactions and withdrawals on the network.
Rebates: Users are required to stake SXP tokens for higher debit card access and higher money completion rates.
Medium of Exchange: Users can store SXP tokens in wallets and use them for fiat payments.

How to earn and own SXP tokens?

To own SXP Token, you can participate in staking SXP on the network to receive rewards from the project.
Or you can buy SXP tokens on exchanges that have listed them.

The future of the Swipe (SXP) token

According to the project’s business model, the demand to buy SXP tokens will depend on the number of users using Swipe Visa for payments globally.

The launch of Swipe Visa allowing payment of services with cryptocurrency will attract a large number of users who are traders and holders. They can both trade crypto and use it to pay for services with Visa. They are required to buy SXP tokens to pay transaction fees as well as withdrawal fees.

Plus 80% of transaction and withdrawal fees will be burned, which will reduce the supply contributing to the high value of SXP.

In Q4 of this year, Swipe will expand its service to many new markets such as North America, Africa, and Latin America. This will help more people know about the Swipe service and have the opportunity to attract more users.

Should I invest in SXP Token?

I believe that you have also grasped the basic and necessary information about the SXP token after reading this paragraph. I will note down some key ideas for you to easily make an investment decision.

Roadmap

Here is the roadmap of the project shortly:

Q3/2020

August 10 launched SwipeFi Whitepaper.
August 22 launched Staking.
Launch of Wallet Finance.
Launching Testnet.

Q4/2020

Extend service coverage to North America.

Q1/2021

Add support for more payment channels to expand service coverage in Latin America and Africa.

Partner

Since launching the crypto community until now, Swipe has had many well-known major partnerships such as:

Coinbase Custody: Swipe and Coinbase Custody form a strategic relationship to provide a custody solution for Swipe customers.
BitGo: Multi-signature and custodian wallet platform. BitGo provides multi-signature service support for Swipe, while Swipe provides custody service for BigGo.
CertiK: Auditing firm specializing in blockchain technology. Swipe and CertiK work together to launch different components of the Swipe network and audit Smart Contracts before Mainnet deployment.
Chainlink: This partnership gives Swipe access to Chainlink’s decentralized data source.

Product

Currently, Swipe has 2 official products for users:

Swipe Wallet: Supports storing, depositing, and withdrawing fiat currencies, stablecoins, and other cryptocurrencies.

Swipe Wallet also provides live market data for supported cryptocurrencies. It also allows users to buy and sell crypto with fiat, stablecoins, or other supported crypto assets. Users can also purchase supported crypto using a linked bank account and credit or debit card.

Swipe Visa debit card

Swipe Visa provides users with 2 options: Swipe Saffron and Swipe Slate.

The Saffron Swipe card requires no stakes and gets 1% cashback in BTC.
The Swipe Slate card requires a certain amount of SXP to be staked but up to 4% cashback in BTC.
Users can use Swipe Visa to pay anywhere that allows Visa payments. At the end of this Q3, Swipe will launch Wallet Finance with many new features for users