Swipe (SXP) 101: Explore the Popular DeFi Token
Zatrun Published at April 21, 2023

As part of the growing DeFi ecosystem, Swipe offers its users a wide range of products and services. Its Visa bank card and multi-asset DeFi application serve users in the market by allowing instant conversion between cryptocurrencies, fiat currencies, and stablecoins. The project currently supports stablecoins such as USDT, DAI, and fiat currencies such as USD.

Swipe’s Visa bank card service is currently available in Europe and the US. All the project’s products operate with the native SXP coin, which serves multiple uses within the ecosystem. While many of these uses are related to rewarding token holders, there are also crypto-burning programs. To uncover more about the project, keep reading this article.

What is Swipe (SXP) and How Does It Work?

Swipe Coin (SXP) is a DeFi project built on the Ethereum blockchain. The platform’s native cryptocurrency is SXP. The project was designed to allow users to buy and spend cash and crypto assets in physical and digital environments. The platform operates as a software and digital wallet ecosystem, using three basic tools: Crypto, Wallet, and Card.

The Wallet has been made compatible with bank cards that can be connected to the Visa network and smartphone applications. It also provides users with a unique experience compared to traditional mobile wallets. Cardholder benefits include the opportunity to earn free Spotify accounts and up to 8% cashback in Bitcoin. Additionally, the project is working on additional features such as savings accounts, credit cards, and merchant payment processing services.

Swipe is a project that allows transactions in banks and affiliated institutions using the Visa network. Cardholders on the platform are rewarded based on their spending amounts, and SXP token holders can earn rewards by staking for a certain period. The blockchain can make cross-border transfers within three minutes. It is possible to obtain additional rewards by reaching large payment and transaction amounts.

Is SXP a Good Investment?

Swipe wallets are the only way to take advantage of the benefits of the native cryptocurrency SXP. There is no fee for bank cards; instead, users benefit from staking SXP coins. The more SXP is locked in special contracts on the network, the more rewards are earned.

Binance became a stakeholder in the Swipe project by buying shares in December 2021, after which the project was rebranded as Solar. On March 1, 2022, Binance announced that it would delist the cryptocurrency, negatively impacting its value. Solar is currently ranked as the 170th largest asset in the cryptocurrency market, with an SXP coin market capitalisation of $177 million.

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