What is Swipe (SXP)?

People's discontent with traditional financial institutions drove the massive acceptance of cryptocurrencies as they provided a decentralized look.

People’s discontent with traditional financial institutions drove the massive acceptance of cryptocurrencies as they provided a decentralized look. In fact, the concept of digital assets that did not depend on government or financial entities was one of the main reasons for the success of cryptocurrencies. Eventually, we will witness DeFi (Decentralized Finance) projects and how they have changed the game, serving as investment platforms by providing liquidity to other initiatives.

In this opportunity, we will talk about a particular project (SXP) and we will answer those who wonder “What is Swipe?” about the definition of this cryptocurrency and what is the objective behind its creation.

Disclaimer: this post should not be considered investment advice. This is only for educational purposes only. Never invest more than what you are able to lose and always ask for information to your professional financial advisors. We are not financial advisors. 

What is Swipe?

Swipe (SXP) can be defined as a utility cryptocurrency token that works as gas and fuel for operations carried out on the Swipe Network. This token was designated for the Swipe platform, which is a decentralized platform that supports crypto products that are used thanks to SXP.

The fundamental components of the project are:

  • Swipe: The company that made the whole project possible. They develop different products (such as the wallet, cards and more). This team is also in charge of the management and administration of the functions of the platform.
  • Binance: Binance has acquired a large part of Swipe, that is, a large percentage of the tokens distributed to promote staking activities within the crypto exchange. This puts a good word for Swipe, especially given the ever-increasing popularity of Binance. This means that one of the largest exchanges in the world today takes the project seriously.
  • Ecosystem:Being a decentralized project and not depending on any financial institution, Swipe growth will depend on the participation of multiple users. The more people join the platform and start using SXP, the more the project will grow. Every time someone asks “What is Swipe?” You can tell him that he is talking about one of the best and most promising DeFi platforms.

It should be noted that using SPX tokens on the platform will give you discounts on the network fees.

Is Swipe safe?

Swipe security has different fronts to protect user funds. On the one hand, we know that it is backed by Binance’s SAFU (Secure Asset Funds For Users) fund, which is basically an exchange fund to protect the savings of users on the platform, so we know that our money will be in good shape. hands.

Coinbase and Bitgo also provided Swipe with $100 million insurance, added to Binance’s existing insurance, as if they were layers of protection.

The platform has a PCI level 1 certificate, thus increasing the security levels of the interface and largely avoiding computer breaches.

In addition, Swipe is perfect as an “all in one” platform, since you do not need to withdraw your funds to other exchanges to buy/sell or carry out certain operations. Thus, you can save a lot of money on fees and commissions that they take from you when making transactions.

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