Categories
Crypto

Swipe (SXP)

logo

A Debit Card And Wallet Platform To Spend Crypto Instantly.

July 4th 2020


  • Swipe is a crypto-fiat gateway that enables cryptocurrencies to be spent as fiat currencies in real time. Its mission is to “make crypto finance mainstream by connecting existing payment networks to cryptocurrencies”.
  • Swipe features a wallet for users to deposit, store, and withdraw their cryptocurrencies. Users are able to spend these cryptos with the Swipe Visa debit card at any place that supports Visa payments.
  • Swipe also features a utility token, SXP, that can be used for paying for transaction fees, as a medium of exchange, and to receive discounts on the fees80% of transaction and withdrawal fees in SXP token are automatically burned on-chain.
  • The project raised 12.00MM USD via private and public token sales in August 2019. In April 2020, Binance completed a strategic investment in Swipe.

Key Metrics

Recent Price$0.565
Market Cap$37,271,970
Circulating Supply65,982,752
Total Supply299,969,953
Max Supply
All Time High$2.13 (10/21/2019)
All Time Low$0.161 (3/18/2020)

1. What is Swipe (SXP)?

Swipe has developed a debit card and wallet platform that gives users access to spend various cryptocurrencies in fiat currencies on-demand. The crypto-fiat conversion can be done in a few seconds.

Project mission

Swipe aims to make crypto finance mainstream by connecting existing payment networks to cryptocurrencies.

Project value proposition

Swipe allows users to deposit crypto into their Swipe Wallets, which give instant access to spend those funds in fiat currencies, while using traditional Visa debit cards.

Project key highlights

  • Fast conversion: conversions of cryptocurrencies are done in real time and approved within seconds.
  • Scalability: the Swipe 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: card holders 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 contract.

Recent news

  • June 2020: release of Swipe Wallet v1.4.
  • May 2020: release of Swipe Wallet v1.3.
  • April 2020: Binance completed a strategic investment in Swipe, and joined the Board of Directors.
  • April 2020: Swipe enabled Samsung Pay for Swipe Visa card holders,
  • March 2020: it launched tools to enable users to send crypto globally via iMessage.
  • March 2020: Swipe Visa card made available on Google Pay.
  • February 2020: it formed strategic partnership with Chainlink to bring necessary data to the Swipe Network.
  • February 2020: collaborated with CertiK to launch the Swipe Network smart contracts, and to build a timelock mechanism for team tokens.

2. Swipe’s products and technical infrastructure

2.1 Existing products

Swipe Wallet

The Swipe Wallet is the main hub to access the Swipe ecosystem of products. The wallet supports depositing, storing, and withdrawing fiat currencies, stablecoins, and other cryptocurrencies.

The Swipe Wallet also offers live market data for supported cryptocurrencies. Users will be able to access the price and volume data of the cryptocurrencies they hold with ease.

product

The Swipe Wallet enables users to buy and sell cryptocurrencies with fiat currencies, stablecoins, or other supported cryptocurrencies. Users may purchase supported cryptocurrencies with linked bank accounts and credit or debit cards.

product

Swipe Visa debit card

The Swipe Visa debit card is offered with two options: Swipe Saffron and Swipe Slate. The Swipe Saffron card does not require any SXP stake and comes with a lower spending limit, but includes a 1% cash back in Bitcoin (BTC). The Swipe Slate card comes with higher limits and 4% cash back in Bitcoin.

product

The Swipe Visa card can be managed directly within the mobile application. Once the user has ordered the card, he may activate the card within the wallet and track its status. Users are able to view their card numbers and history by either tapping on the card or on relevant transactions. The card includes security options including freezing or unfreezing the card, upgrading the card, viewing PIN numbers for ATM access, and viewing card numbers through in-app authentication.

Users may also select a “funding source” that dictates to the application which cryptocurrency will be used from the Swipe Wallet to convert to fiat currencies used on the card. The card then will be linked to its funding source balance from the Swipe Wallet, and enable the conversions of the cryptocurrency to fiat currency for the merchant at point-of-sale.

product

2.2 Technical infrastructure

The Swipe Network operates off-chain, which utilizes the Swipe API, and on-chain, which utilizes the Ethereum blockchain. A user can activate access to the Swipe Network with a 1 SXP deposit. All transaction fees and wallet fees are denominated in SXP. The following chart demonstrates the smart contract interactions:

product

When transactions occur on the Swipe Network, 80% of the fees, which are denominated in SXP, will be automatically burned by smart contract. The rest of the fees will be retained by the smart contract. In the future, Swipe plans to distribute the fees collected via a Proof-of-Stake mechanism to network validators.

All transactions are updated directly onchain, and then reflected within the Swipe API to notify users of the Swipe Wallet.

product

3. Economics and supply

Token allocation

TOKEN NAMESXP
Private Sale6.52% of initial total token supply
Public Sale13.48% of initial total token supply
Team20.00% of initial total token supply
Reserve40.00% of initial total token supply
Founder20.00% of initial total token supply

Token sales data

TOKEN NAMESXP
Private Sale Allocation19,575,000 SXP
Private Sale Token Price0.20 USD
Private Sale DateAugust 1st, 2019
Amount Raised Private Sale3,915,000 USD (379,800 EUR, 198,450 GBP, 3,253,527 USDT)
Public Sale Allocation40,425,000 SXP
Public Sale Price0.20 USD
Public Sale DateAugust 2nd – 9th, 2019
Amount Raised Public Sale8,085,000 USD (majority of funds raised in BTC and XRP)
SXP token allocation (%)

SXP token release schedule

The following chart represents the number and breakdown of all SXP tokens that are to be released into circulation on a monthly basis. The percentages in the chart below reference the initial SXP total supply.

SXP token release schedule

SXP token overview & use cases

Swipe uses a two-layer approach to combine offchain and onchain functions on its platform. For offchain usage, supported cryptocurrencies can be instantly converted to fiat and used at point-of-sale. For onchain usage, users can use the SXP token to interact directly with smart contracts to perform functions, while 80% of fees in SXP are automatically burned.

Users may use the SXP token in the following ways:

  • Medium of exchange: users can store the SXP tokens in their wallets, and use them for fiat payments.
  • Payment for fees: users can use the SXP tokens for conversion fees and withdrawal fees.
  • Discounts: users can stake SXP tokens and receive discounts on fees.
  • Rebates: users are required to stake SXP tokens in order to access higher-tier debit cards and higher rate of rebates.
  • Staking: Swipe plans to implement a Proof-of-Stake (PoS) consensus mechanism, where validators are required to stake SXP tokens.

Token governance & use of funds

As of the time of writing, Swipe has been self-funded, and has not used funds sold through their public and private sales.

The Swipe team holds its funds in fiat, stablecoins, and other cryptocurrencies. The use of these funds are in accordance with an annual budget plan and requires approval from the Board of Directors.

Swipe’s Team and Founder token allocations are governed by a timelock smart contract directly on the Ethereum blockchain. Reserve tokens are being stored in the following two wallets: 1 and 2.

4. Project team

Joselito LizarondoChief Executive OfficerCrypto OTC trader, as well as an early Bitcoin miner and investor.John KhennethChief Operating OfficerFormer Senior Creator at Vibal Group, and Designer at ASEC Asia.Anecita SotomilChief Legal OfficerFormer Tax and Legal Officer at PwC and American Express.Eric AdolfoChief Technology OfficerFormer Senior Developer and Project Manager at ING.Nicole Del RosarioHead of MarketingFormer PR Officer at Korean Culture Center in the Phillippines.Danilyn GervoHead of FinanceFormer Senior HR Officer at Regcris Group of Companies, Senior HR Generalist at First Corinthians MPC.Juvelyn YriganHead of SupportFormer Admin Marketing and Finance Officer at IMMAP, Financial Accounting Analyst at Light of Jesus Family.Jann BalonHead of DesignsFormer Multimedia Designer at Creadits and Rich Media Manila Incorperated.

5. Roadmap & updates

5.1 Original roadmap & achievements

DATEMILESTONECOMMENTARY
2019: Q2Acquired the Swipe branding, intellectual property, regulatory licenses, and Visa approvalsN/A
2019: Q2Built the Swipe Network to process real-time cryptocurrency conversionsWhitepaper
2019: Q3Launched the Swipe Wallet on Google and Apple app storesArticle
2019: Q4Opened up fiat payment channels to include Sepa, Swift Wires, credit/debit cards, and Apple PayMedium
2020: Q1Added Google Pay support for Swipe Visa card holdersMedium

5.2 Updated roadmap

2020 Q2

  • Expand service coverage throughout the Asia-Pacific region and Southeast Asia.

2020 Q3

  • Launch interest bearing accounts, credit and lending products within the wallet.

2020 Q4

  • Expand service coverage in North America.

2021 Q1

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

5.3 Commercial partnerships and business development progress

  • Binance: Binance is a leading cryptocurrency exchange and ecosystem platform. Binance completed a strategic investment in Swipe, and joined its Board of Directors.
  • Coinbase Custody: Coinbase Custody is a regulated custody services for various cryptocurrencies and stablecoins. Swipe and Coinbase Custody have formed a strategic relationship to provide custody solutions for the clients of Coinbase Custody.
  • BitGo: BitGo is multi-signature wallet platform and custodian. Bitgo provides multi-sig transaction support for Swipe, while Swipe offers Bitgo custodial services.
  • CertiK: CertiK is formal verification audit company that specializes in the blockchain technology. Swipe and CertiK work together to launch various components of the Swipe Network, and to properly audit smart contracts prior to mainnet deployment.
  • ChainlinkChainlink is a decentralized oracle network that enables smart contracts to securely access offchain data feeds, web APIs, and traditional bank payments. The partnership allows Swipe to access Chainlink’s decentralized price feed oracles.

6. Swipe’s activity and community overview

6.1 Development activity

Key private GitHub repositories

Swipe API

The backend system that runs Swipe.12 Contributors3,543 commits

Swipe iOS

The Swipe Wallet iOS mobile application5 Contributors403 commits

Swipe Android

The Swipe Wallet Android mobile application5 Contributors774 commits

6.2 Social and community data

Community strategy

Currently, Swipe Visa cards are actively shipped in Europe, with expansion plans underway in Asia and North America.

Current community growth strategies of Swipe include:

  • Conducting airdrop campaigns and giveaway programs to raise community awareness.
  • Forming partnerships with key industry players.
  • Hosting online and local events.
  • Communicating constantly with the community via social channels.

Future community growth strategies of Swipe include:

  • Hosting joint marketing events with Binance.
  • Conducting virtual meet-ups.
  • Adding support for more cryptocurrencies.
  • Forming more meaningful partnerships.
  • Launching debit cards in Asia and America.
  • Creating more telegram groups in with native language support.
  • Conducting referral programs.

Community and social channels

Twitter (English) | 45.0K Followers
Telegram (English) | 26.5K Members
Telegram Announcement (English) | 29.9K Members
Reddit (English) | 202 Subscribers
Medium (English) | 1.0K Followers
Facebook (English) | 7.5K Followers

7. Appendix