Cryptocurrencies have earned their place in the global finance industry. Today, millions of dollars of crypto are passed around on blockchains every day. People use Bitcoin and altcoins to pay for products and services, while businesses seize new opportunities and accept cryptocurrencies as payment.
Moreover, crypto engineers and developers are constantly innovating and offering breakthrough projects. One of such projects is Swipe and its native currency SXP. Swipe (SXP) is a crypto-fiat gateway service that lets its users spend their crypto as fiat. Moreover, SXP, the utility token of Swipe, is a perfect currency for using it as a means for paying salaries.
- Swipe (SXP) is the utility token of the Swipe ecosystem.
- Swipe ensures fast, borderless, low-fee transactions.
- NOWPayments provides an opportunity to businesses to use SXP to pay salaries with the mass payments solution.
- SXP can be accepted as payment or donation
What is Swipe?
Swipe was officially launched in 2018 by Joselito Lizarondo. Swipe’s mission was to establish interoperability between cryptocurrencies and traditional finance. Binance acquired Swipe in June 2020. Swipe is a project which operates in several segments of crypto finance. Swipe powered debit cards are the primary product offered by the company. Users can issue Swipe powered debit cards both virtually and physically. Swipe is also responsible for settling all the regulatory and compliance aspects, so its partners do not have a hard time trying to make their cards work.
Apart from offering debit cards, Swipe also maintains its blockchain operations. Swipe has managed to build a truly unique ecosystem since it simultaneously operates on Ethereum and Binance networks. As a result, Swipe users can easily trade on both blockchains. Swipe Ramps is Swipe’s API which ultimately powers digital asset exchanges, card payment infrastructure, and fiat ramps. Developers can leverage Swipe’s licenses, bank network, and partnerships to use its white-label SDKs to go to market quickly.
The Swipe Network has its native currency called Swipe Token, which has the ticker symbol of SXP. Swipe has designed a system that implies that the total supply of SXP will decrease over time. The token lets Swipe users conduct various on-chain operations. For instance, Swipe holders can stake their crypto by bonding it to a smart contract. Staking helps the Swipe network to maintain the crypto-to-fiat conversion. Those users who decide to stake their SXP by bonding it to the network receive their share of the Network Rewards. Currently, the size of the reward is 20,000 SXP a day. SXP also provides governance rights to its owners. Essentially, users with 300,000 staked SXP can propose their changes to the Swipe Network. Their voting weight will depend on the amount of SXP they are currently staking. Staking can be performed using Swipe’ app or wallets such as Metamask, Trust Wallet, and Ledger.
Speed of Transactions
SXP tokens can boast impressive transaction speed since they operate on blockchains that are completely peer-to-peer. In other words, users can send and receive their SXP funds in a matter of minutes. Moreover, the are no banks or other third parties which can slow down the transaction process. Such an arrangement is perfect for companies which have to pay salaries to employees working in different places around the world. By using SXP tokens, a business will not have the need to utilize bank transfers which may take days to be processed. SXP blockchain transactions make it easy for employers to pay their workers and save them a lot of time.
When companies pay salaries and use banking services to do it, they end up paying large fees to the financial institutions which process their payments. Sometimes banks charge their clients enormous fees, especially when it comes to interbank or international transfers. As a result, businesses are losing their money simply when paying salaries to their employees. Annually, the sum spent on fees may add up and reach thousands of dollars. It is clear that such money could be efficiently invested in the development of the company. Blockchain transactions are an ideal solution to the problem of high fees. Essentially, enterprises using SXP can save large sums of money by conducting on-chain transactions since fees are absolutely minuscule.
Borderless Payments and Transparency
There are no limits to transactions since it takes mere minutes to transfer SXP between users in different parts of the world. SXP payments enable companies to ensure that all of their employees, no matter where they live, receive their salary on time. Moreover, blockchain is transparent, and companies can trace all of their transactions which is perfect when conducting an audit. Since all SXP transactions are forever stored on the blockchain, businesses can eliminate situations involving fraud and can easily report their crypto activity to tax agencies.
Crypto payroll: How to Pay Salaries in Swipe
Thus, paying salaries in Swipe can be an excellent idea for companies that value the speed of transactions, want to ensure transparent use of their funds, and do not want to overpay for banking services and would like to offer their employees a simple way to get paid in crypto.
NOWPayments offers several crypto payment solutions for businesses that wish to do crypto payouts and pay salaries in Swipe. Mass payment is a feature that is designed specifically for businesses handling numerous crypto transactions such as employee payrolls and even rebates.
Conducting mass payments in SXP is easy with NOWPayments. You need to deposit your funds and specify the amounts and addresses, NOWPayments will do the rest. Moreover, there is a conversion feature available to clients, which means that you can deposit funds in any crypto, and NOWPayments will convert it to SXP. To enable this feature, all you need to do is contact NOWPayments.
NOWPayments has one of the largest asset selections on the market and maintains low fees for its services. NOWPayments also offers other ways to utilize Swipe as part of your operations. For instance, you can accept SXP on your website as payment or deploy a Swipe donations widget if you own a charity.
NOWPayments is non-custodial, which means that you retain complete control over your crypto funds and wallet. Additionally, NOWPayments guarantees instant payouts if you decide to accept crypto using the company’s solutions.