The Swipe debit card is built to enable users to purchase, sell and invest their cryptocurrencies.
Owned by Binance, Swipe.io enables users to transfer crypto into their Swipe Accounts, enabling users to invest these funds in fiat currencies using typical Visa debit cards.
Swipe: A New Type of Debit Card
The Swipe debit card has a utility token (SXP), which can be used to pay for operation. When used for purchases, consumers earn charge reductions. The SXP token immediately burns 80% of deposit and withdrawal costs.
The crypto debit card can be controlled from a smartphone app. It can be accessed directly from the wallet after the consumer orders the card and used to monitor its status.
Specific features of the Swipe debit card include:
- Easy conversion: cryptocurrency conversions are simpler, smoother and verified in seconds.
- Scalability: the Swipe.io Visa card operates anywhere Visa is allowed.
- Safety: all consumer properties are held under custodial insurance and the network has received a Level 1 Payment Card Industry Data Security Requirement (“PCI DSS”).
- User-friendliness: cardholders don’t need to manually translate crypto to fiat, since the Swipe Network also offers funding for all conversions.
- Token deflation: 80% of deposit and withdrawal fees are burnt explicitly by smart contracts as consumers utilize Swipe Network and use SXP on-chain.
Users may also display their card numbers and background by either pressing the card or purchases.
The card provides protection choices, including freezing or unfreezing, updating the card, displaying ATM entry PINs, and displaying card numbers via in-app authentication.
Introduction to the Swipe (SXP) Token
Swipe’s SXP is the native digital currency protocols used to run and protect the network in Swipe’s ecosystem.
Users can use SXP to stake on the Ethereum blockchain by bonding SXP to protect the payment network, use it for Swipe Visa Card lock-ups for higher tier cards, redeem it for platform discounts, convert it to fiat and use on the Swipe Visa Card, and stake SXP to run a commercial node for Swipe Issuance.
SXP using on-chain helps Swipe Network to receive protocol transaction fees.
80% of the protocol fees produced by Swipe Network smart contracts will be burned and 20% will stay in the oracle contract.