Expert Review
Oct 22, 2020

Swipe is a multi-asset digital wallet application and Visa debit card that enables users buy, sell, and spend various cryptocurrencies. Swipe utilizes the Ethereum blockchain to operate the Swipe Network.

Swipe uses a two-layer approach for its users to combine off-chain and on-chain function on its platform which is powered by the Swipe Token (SXP). For off-chain usage, supported cryptocurrencies can be instantly converted to fiat and used on point of sale. When the Swipe Network is activated in the platform, users receive a smart contract wallet which uses SXP directly on-chain to perform its functions. As functions are being called on the Swipe Network, 80% of those SXP fees are automatically burned creating a deflationary supply model.

Users may use SXP today in the following ways:

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• Currency: When users select SXP as a funding source it may be used on the Swipe Visa card to be converted to Euros and spent at millions of merchants. • Staking: To receive the higher tier cards, discounts, and rewards enhancements, users must stake SXP which is locked on-chain. • Fees: If the Swipe Network is activated within the platform, users are able to use SXP towards all fees on the platform such as conversion fee and withdrawal fees

The opinions and assessments expressed in the text are the views of the author of the article and may not represent the position of Cryptogeek. Do not forget that investing in cryptocurrencies and trading on the exchange is associated with risk. Before making decisions, be sure to do your own research on the market and the products you are interested in.
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