*obligatory not financial advice*
is partnered with major payment networks like Visa and MasterCard to offer businesses the necessary infrastructure for creating and issuing their own cryptocurrency-to-fiat payment cards that are powered by the native SXP token. The Swipe Company was bought by Binance, the world’s biggest crypto exchange, and ever since they bought it they have constantly improved its ecosystem further. There are also several DeFi tools like a decentralized exchange and soon also its own smart contract blockchain, similar to the BSC, that are also powered by the SXP token.
Initially Swipe issued their own prepaid crypto credit cards, where users could stake SXP tokens to get premium features like higher cashback and discounts for Spotify, Airbnb and the like, the more tokens they stake the more rewards they would get. But after BINANCE bought it they changed their business to serve as infrastructure for other companies to issue their own cards while Swipe handles the responsibility for compliance and regulations with their banking partners and licenses. This makes it possible for every company that uses Swipe to instantly let their new crypto cards be useable at 70+ million locations and 30+ countries. The cards also work well with Google Pay and Apple Pay.
Businesses can offer both physical and digital cards and they can customize them with features like foreign transactions, card locking, PIN controls and much more. They need to pay fees to Swipe with SXP and stake it to get premium features. There is a standard card that requires a 25,000 SXP set up fee and there is a premium card that requires 300,000 SXP staked that offers lower processing fees and makes premium rewards and cashback programs for the users possible. The 300,000 SXP for premium cards are only staked not paid, businesses can get them back by disabling their premium card program.
So far, Swipe has multiple big companies in the crypto industry as clients. It is used by Binance, the biggest crypto exchange and also owner of the Swipe Company, and FTX, who is one of the biggest and most popular crypto derivatives exchanges. The credit cards have so far handled more than $1B in crypto transactions worldwide.
Swipe offers more than credit cards. There is also a Swipe DEX that runs on both Ethereum and Binance Smart Chain with lots of trading pairs. In Q1 and Q2 of 2022 they will also launch the Solar blockchain, which will be energy efficient and enable smart contracts for payments and commerce applications. The DeFi app and the blockchain are powered with the SXP token, that is used for governance of the protocols and for staking and transaction fees on the Solar blockchain.
Swipe is owned by Binance and can profit from its influence and support. It has a decent infrastructure for crypto cards that other crypto companies could utilize, a DeFi application and soon its own smart contract blockchain that are all powered by the native token.
The SXP Token
SXP is the native token of the entire Swipe network. It is used to pay for fees for their credit card system and for staking to receive premium features. It is also used for governance over the Swipe DEX on both Ethereum and BSC and it is given as incentive for liquidity providers. Once the Solar chain is launched it will also be used for staking to run a node and for transaction fees. It currently only exists as a token on Ethereum and BSC but will migrate to the Solar chain as its native coin.
The Swipe Token has a max supply of 300,000,000 but the supply is getting lower due to constant token burns. 80% of all fees in the network get burned until there are only 100,000,000 left, then it will no longer destroy any tokens. The remaining 20% are going to Swipe and later also to the nodes of the Solar chain. The circulating supply is also lowered further by clients that stake their tokens for the premium cards.
Of the initial supply 20% were sold to investors, 40% went to the founders and team members and 40% are used to reward liquidity providers of the DEX and for airdrops. Most of the tokens are being vested and are constantly released yearly or monthly which causes a big inflation up until 2026 despite the burn mechanisms. The token is obviously not completely decentralized because the credit card infrastructure needs the Swipe Company to function, although the liquidity providers are earning a huge part of the supply.
The demand for SXP will increase if more businesses start to use their credit cards and if more people use their DEX. Swipe has a great connection with Binance that will want to increase the value of the network since they bought the company. The Solar chain that will launch this year could also raise a lot of demand for it and could cause a pump for its price. However, how well the token does largely depends on the Swipe company which makes the network centralized. It is also competing with CRYPTO.COM that has much more popular crypto credit cards, there are also plenty of other DEXes that are more popular and Binance already has a popular centralized smart contract blockchain. Swipe has no shortage of strong competition. There is also a big inflation rate of currently +24% until 2026 despite burn mechanisms, due to vesting.
If you want to buy SXP tokens you can do that on . Decentralized Exchanges like Uniswap and the Swipe DEX itself also have it available. You can hold it in any Ethereum or BSC wallet like
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