What Is the Swipe Platform and Its SXP Token?

What Is the Swipe Platform and Its SXP Token?

Swipe's payment ecosystem incorporates its native SXP token, which serves various purposes. Token holders gain several advantages, including the ability to pay transaction fees, engage in staking, and receive discounts on the Swipe platform.


Swipe is an integral part of the expanding Decentralized Finance (DeFi) landscape, offering a range of products and services to its users. Their Visa debit card and multi-asset DeFi App provide seamless conversions between cryptocurrencies, fiat currencies, and stablecoins.

To cater to users' diverse needs, the app currently supports four stablecoins (USDT, USDC, BUSD, and DAI) and two fiat currencies (USD and EUR). While Swipe's Visa debit card service is presently accessible in Europe, plans are underway to introduce the service in the United States.

Enhancing the functionality of all Swipe products is the native SXP token, a decentralized digital currency. This token serves various purposes within the Swipe ecosystem, including rewarding token holders and implementing coin burns to gradually reduce the token supply over time.

Swipe's SXP Token

SXP distinguishes itself from many other DeFi tokens by primarily functioning as a utility token within the Swipe ecosystem. It holds significant value for token holders, offering various incentives for its use and retention.

A pivotal element of Swipe's ecosystem revolves around its Visa debit card. Although it is not the sole cryptocurrency debit card available, what sets it apart is that users are not obligated to stake SXP to access the card service.

The Swipe debit card comes in different versions, each with its own set of features. While ownership of SXP is not mandatory, holders of the SXP token have the opportunity to acquire higher-tier cards. These superior cards provide additional perks such as subscriptions to popular platforms like Netflix and Spotify, exemption from foreign transaction fees, as well as discounts for services from Starbucks, Uber, Apple Music, and Airbnb.

How to Store SXP Tokens?

Swipe does not have its own native blockchain. Instead, the team chose to release SXP tokens on two blockchains: Ethereum and BNB Chain. The SXP Token is accessible in two formats: an ERC-20 token on Ethereum and a BEP-2 token on the BNB Chain. This means that SXP can be conveniently stored in any cryptocurrency wallet that supports ERC-20 or BEP-2 tokens, such as Trust Wallet or MetaMask.

SXP's Supply and Issuance

Swipe has set a maximum supply cap of 300 million SXP tokens, but they will gradually reduce the total supply to reach a final amount of 100 million tokens through coin burns. A portion of the supply is allocated for various purposes, including company operations, team and founders, and ecosystem rewards. SXP is designed to be a deflationary asset, with token burns occurring as network usage increases. 80% of transaction fees will be destroyed, while the remaining 20% will be used within the ecosystem. Once the total supply reaches 100 million SXP, there will be no further reduction, and fees collected will be distributed among network validators.

SXP Token Usage

The SXP token offers multiple use cases and benefits to its holders. Firstly, it serves as a convenient payment method accepted at over 60 million locations worldwide. This can be achieved through merchants accepting cryptocurrencies or by using the Swipe Visa card. SXP's compatibility with both Ethereum and BNB Chain allows for seamless peer-to-peer transactions.

Another advantage is the ability to obtain discounts on fees. SXP holders can utilize their tokens to cover transaction fees across the Swipe network, including transfers through the Swipe Wallet and Swipe Visa Card. The Swipe Visa debit card presents an additional use case for SXP. With four different tiers, the card incentivizes holding or acquiring SXP. Holding a larger amount of SXP grants access to higher card tiers.

By holding SXP, cardholders can enjoy extra benefits such as shopping discounts and complimentary subscriptions to popular streaming services. Additionally, users who stake a minimum of 30,000 SXP for six months become eligible for an 8% cashback on all purchases and other exclusive perks.

Staking SXP also allows users to receive SXP rewards in exchange for their contribution to network security. Lastly, SXP holders can actively participate in network governance by creating proposals and voting on protocol changes that impact the Swipe network.

  • Convenient payment method accepted at over 60 million locations worldwide
  • Discounts on fees across the Swipe network
  • Access to higher-tier Swipe Visa debit cards
  • Shopping discounts and complimentary subscriptions to popular streaming services
  • Eligibility for 8% cashback on all purchases and other exclusive perks by staking a minimum of 30,000 SXP for six months
  • Ability to receive SXP rewards for contributing to network security
  • Active participation in network governance by creating proposals and voting on protocol changes that impact the Swipe network


Swipe's ecosystem comprises various products and services that incorporate the SXP token. Among these is the Swipe Visa debit card, designed to enhance the usability and availability of cryptocurrencies for everyday individuals. Considering the deflationary nature of the token and its associated benefits, it is worthwhile to delve into the project's whitepaper and monitor its future development.