What Is Swipe Token (SXP)? How It Works & Where To Buy It

Swipe Token (SXP) isn’t like other cryptocurrencies we’ve seen before; it’s more than a protocol powered by a distributed network.

Swipe combines software with a digital wallet ecosystem that you can use together to buy and spend cash or cryptocurrency at a digital or physical location. In essence, the Swipe team is trying to achieve the bringing together of traditional and digital payments.

To make them more unique, you can connect your Swipe wallet to a Visa debit card and smartphone app, similar to traditional mobile wallets.

Swipe wallets contain some unique features, which are made possible through the integration of their token, SXP. In this article, we explore why you should keep your eyes on SXP.

 

How Does SXP Work?

The Swipe network is based on the Ethereum blockchain, which is used to hold the user’s crypto.

Swipe is not solely based on Ethereum; they also have an off-chain API (application programming interface) with more traditional infrastructure to enable payments to various merchants.

The Swipe wallet app offers several incredible features such as being able to deposit fiat currency and buy any of the 30+ cryptocurrencies offered. You can also keep your crypto assets safe or convert one cryptocurrency to another.

In combination with the wallet, you get the Swipe Visa debit card, which you can use to pay merchants at various Visa payment terminals.

The smart contracts on the network will take your cryptocurrency and exchange it for the fiat currency you need in order to pay the merchants.

That’s not all, you also have complete control over your card through the Swipe app, as well as the opportunity to upgrade your card by staking the required SXP.

 

What Is SXP Used For?

Swipe has three main products which look to bridge the gap between fiat and crypto. These are a cryptocurrency-funded debit card, the Swipe token, and the multi-asset mobile wallet.

The primary access point to the Swipe network is through the Swipe wallet. With it, you can store and manage all crypto and fiat currencies as well as manage your Swipe Visa card.

The Swipe utility token (SXP) is the fuel that powers the entire ecosystem. You can use the token for various factors on Swipe’s platform, like paying fees for transactions.

Those who decide to hold on to their Swipe tokens can enjoy exclusive benefits and discounts on the mobile app.

Where To Buy SXP

Swipe (SXP) is available on most of the popular decentralized exchanges. Before you purchase any tokens, you first need to register on the exchange, make a fiat currency deposit, and then you can go ahead with purchasing SXP.

You can then connect your wallet to the exchange and transfer your tokens into your wallet.

Listed below are the centralized exchanges which you can use:

1. Binance (US Customers use Binance.US)
2. Gate.io
3. Coinbase
4. KuCoin
5. Bitfinex

Note: Nothing in this article must be seen as financial advice. Everything written here is purely for educational purposes.

FAQs About SXP

How long has SXP existed?

Swipe was founded by Joselito Lizarondo in 2018. The for-profit company has its headquarters in London and offices in the U.S., Philippines, and Estonia.

When Swipe held their private and public token sales, they managed to raise about $24 million, in other words, 60 million SXP tokens, which accounts for 20% of the total supply.

In 2020, Binance acquired the company, which saw the SXP price surge as investors saw this as a golden opportunity for both companies to grow.

Swipe now also supports Binance crypto debit cards, which are essentially digital debit card backed by Binance for spending crypto at physical locations.

What’s controversial about SXP?

Thanks to a lack of regulation, many people who haven’t fully researched the crypto sector are often wary of investing. That’s not surprising given the amount of controversy many other coins and blockchains face.

While the controversies surrounding SXP in particular are few, the SXP token initially struggled to take off on the charts due to negative public opinion surrounding the crypto market.

There have been some concerns about the app’s functionality, which in the bigger picture is something that can surely be fixed.

How many SXP tokens are there?

At the time of writing, the total supply of Swipe tokens is 525,116,693, with a circulating supply of 493,788,671.05 SXP.

Can SXP be mined?

The SXP token cannot be mined. It can, however, be staked.

SXP tokens users lock in their stake to get access to various features on the Swipe ecosystem.

The features available for users that own and/or stake SXP tokens include the possibility to vote on different network rules, for example on transaction fees and reward distribution.

To participate in the network’s governance, you have to deposit a minimum amount of 1,000 SXP tokens.

You also have the ability to propose possible changes to the network. However, this requires users to stake at least 300,000 SXP.

SXP users staking their tokens stand a chance to get a daily share of 20,000 SXP. Just a word of caution: the amount shared between users can fluctuate during each day based on the user votes.

What is the market cap of SXP?

To work out the market cap of any coin, multiply the total amounts of coins in circulation by the current market price.

At the time of writing this article, the total market cap of SXP was $219,753,909.

Swipes SXP token is currently ranked at #138 on the CoinMarketCaps database.

 

Biggest Competitors Of SXP

Swipe’s product is truly unique; however, the sector has become increasingly popular over the last couple of years.

Several companies have the potential to become competitors of Swipe, the most significant being:

• Coinmama
• Wirex
• Bitstamp

 

What Are The Future Plans For SXP?

The company has come under scrutiny for its future plans, to which it has been frustratingly unresponsive. Currently, there are no up-to-date roadmaps available, only a somewhat outdated whitepaper.

On the other hand, Swipe is strong when it comes to community engagement. Regular blogs and social media posts keep followers engaged and in-the-loop.

We can only speculate what the future might hold for Swipe, but with that said, they have a steady API that many crypto card holders are using comfortably.

We suggest following their Twitter or Instagram accounts for up to date information on future plans and projects.

 

Pros And Cons Of Swipe Token (SXP)

Pros:

• The Swipe network is a well-functioning and developing platform with loads of potential.
• The app has over 30 different cryptocurrencies for you to choose from, which you can keep in your Swipe wallet.
• You get a physical Swipe debit card, which a lot of people will prefer to give them that sense of ownership.
• With the staking of the SXP token, you have various benefits you can choose from on the platform, like saving on commissions, earning tokens in return, and voting on various possible changes.
• Having been acquired by Binance, the company now has the backing of a large, well-known infrastructure to build on.

Cons:

• Although it was difficult to find any cons for Swipe, we found out that this ecosystem is not yet available to those living in Russia. The Russian Ruble is not supported, and only residents of European countries can order the card.

 

Resources:

https://www.securities.io/investing-in-swipe-sxp-everything-you-need-to-know/

https://capital.com/swipe-sxp-price-prediction

https://currency.com/what-is-swipe-sxp-your-ultimate-guide

https://phemex.com/academy/what-is-swipe-coin-sxp

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