Swipe is the new kid on the crypto block. Barely 1 years old, the multi-asset cryptocurrency ecosystem has seen a pace of development which might be unmatched in the crypto space.
In its first few months of operation it secured partnerships with the likes of Coinbase and Binance. The latter officially purchased Swipe in June of this year to power its cryptocurrency debit cards.
In just the last 2 months, Swipe’s SXP token has seen a nearly 10x appreciation in price. This came after the company announced they will be dipping their toes into DeFi by introducing a suite of applications and protocols which will be governed by the SXP token. Factor in a recent AMA suggesting that Swipe is playing with the idea of becoming a fully licensed bank and you have a recipe for one hell of a moonshot!
Over 50 million retail locations worldwide
4 different cards available in a tier-based model
No foreign transaction fees for selected users
Up to 5% cashback rewards
Integration with Samsung Pay, Apple Pay, and Google Pay
Crypto.com is very similar and has more rewards
Users must stake SXP tokens to gain the largest cashback rewards
Foreign transaction fees are only free for Steel and Slate users
What is Swipe?
Swipe is a company which offers a host of cryptocurrency related services including a multi-currency wallet, cryptocurrency debit cards, cryptocurrency payment solutions for merchants, cryptocurrency borrowing, cryptocurrency savings, and custom cryptocurrency debit card issuance.
Swipe Card Homepage
The Swipe website homepage
Although the company is registered in London, England, its head office and team are located in Taguig, an urban district of Manila, Philippines. Swipe has also been working to develop the Swipe Network, an ecosystem of DeFi protocols (more on this later).
The Swipe cryptocurrency wallet supports over 30 cryptocurrencies and fiat currencies. It is a centralized wallet which has its funds secured by Binance’s SAFU fund and 200 million USD or insurance from Coinbase Custody (100m USD) and BitGo (100m USD).
Swipe Crypto Wallet
The Swipe cryptocurrency wallet
Most funds are kept in cold storage at any given time. Users can swap seamlessly between assets in the app and can also purchase them directly using a debit card, credit card, or wire transfer.
Swipe Crypto Debit Cards
Unlike most other cryptocurrency debit cards, Swipe cryptocurrency Visa Debit cards let you purchase using cryptocurrency directly (without manual conversion). There are 4 tiers of debit card: Saffron, Sky, Steel, and Slate.
Swipe Debit Card
Swipe cryptocurrency Visa Debit cards
All except the Saffron card require you to stake Swipe’s SXP token to receive the progressively more lucrative rewards which include 100% rebates for Spotify, Netflix, Hulu, Amazon Prime, and Apple Music, and 10% discounts at Travala, Starbucks, Airbnb, and Uber.
One of the selling points of Swipe’s cryptocurrency debit cards is the cashback rewards which are as high as 5% and are paid in Bitcoin. All cards also offer contactless (NFC) payments, ATM withdrawals, and lucrative referral rewards of up to 3000$USD. You are even able to use a digital version of the debit card with just your phone and can use the digital Swipe card everywhere that Google Pay and Apple Pay are accepted.
Swipe Pay allows merchants to receive cryptocurrency payments. Merchants can also choose to have cryptocurrency payments automatically converted into 1 of over 20 fiat currencies offered by Swipe.
The Swipe Pay cryptocurrency payment solution for merchants
No credit checks are required, and Swipe Pay is available in over 180 countries (but not the United States or the Philippines).
Swipe Credit is a centralized cryptocurrency lending platform. Similarly, to decentralized cryptocurrency lending protocols such as Compound, Swipe Credit requires you to overcollateralize your loans.
The Swipe Credit cryptocurrency lending platform
In other words, you can only withdraw 50% of the USD value of the cryptocurrency you have locked as collateral. Interest rates on loans start at 6% per year. Cryptocurrencies available for borrowing include USDT, PAX, BTC, ETH, DAI, XRP, SXP, EOS, USDC, LTC, and BCH.
Swipe Savings lets users deposit the any of the 12 cryptocurrencies mentioned above in exchange for annual percentage yields (APY) of up to 14%. Assets can either be unlocked or locked and the longer you lock your funds in Swipe Savings, the higher the APY. The SXP staked to acquire Swipe’s more prestigious Visa Debit cards are automatically locked into Swipe Savings and accrue interested while locked.
Swipe Issuing allows third parties to create physical and digital cryptocurrency debit cards with zero hassle. Swipe does all the heavy lifting in terms of regulations, compliance, and network demands in exchange for a setup fee, issuance fee, and a small cut of transaction fees.
Swipe’s Swipe Issuing service
Cards are customizable in both design and features. Fun fact: Binance uses Swipe Issuing for their Binance Debit Card.