It is clear that the legacy finance system is currently experiencing a crisis since the emergence of alternative high-performance solutions, to a large extent, made banks obsolete. Blockchain is the most notable technology of the past decades in this sphere. It influenced a variety of spheres, and it gave rise to new branches such as decentralized finance.
DeFI is a complex area which involves a host of projects, one of which is the Swipe network, a platform offering an extensive selection of products. SXP is the native currency of the project. It provides numerous benefits to businesses accepting crypto.
Key Points
- The Swipe network is an innovative project that wants to link the crypto world with the legacy finance system
- SXP crypto, the native token of Swipe, delivers excellent transaction speed and fees as well as serves as a perfect currency for businesses
- NOWPayments delivers solutions for companies wanting to accept Swipe (SXP) payments and donations
- What is Swipe coin?
- Swipe crypto-to-fiat benefits
- Salaries in Swipe: crypto payroll
Features of Swipe
Swipe’s Basics
Swipe’s primary mission is to connect the established financial institutions with crypto finance to facilitate the onset of mass adoption. Joselito Lizarondo founded Swipe in 2018. It is vital to note that in 2020, Binance acquired Swipe. This shows the high utility of Swipe since, in a short period of time, the project managed to attract a solid backing. The two companies set out a clear vision where they hope to engage 20 million Swipe users to drive the further adoption of the project.
Swipe Ramps
Swipe Ramps is the API of Swipe. Swipe Ramps is a mechanism that fuels the fiat ramps card payment infrastructure of the largest digital asset exchanges. Swipe Ramps has an extensive library of more than 500 endpoints. Moreover, developers can utilize partnerships, licenses, and bank networks provided by Swipe to go to market instantly. Swipe boasts 99% uptime of its APIs.
Swipe Debit Cards
Swipe lets its individual users, businesses, and other types of organizations, create and manage their branded debit cards. Additionally, while clients are waiting for their physical cards to arrive, they can issue virtual ones. Users can issue Swipe debit cards both virtually and physically. Swipe settles all the regulatory and compliance matters. Swipe partners with various payments networks such as Visa, MasterCard, and Google Pay. Users can utilize Swipe’s cryptocurrency to fiat funded cards. Currently, there are two types of cards offered by Swipe, Standard and Premium, with different terms of use.
SXP
SXP is the utility token of the Swipe Network. The token follows a deflationary design which means that its supply will slowly decrease as more people buy the asset. As the native currency, Swipe Token delivers a lot of on-chain utility. For instance, it is the token that users spend to pay for Swipe services. SXP also helps ensure governance on the network. Holders of SXP can post their proposals and vote on the ones outlined by others. Staking is also available. SXP investors can yield substantial rewards for locking their funds.
Why Businesses Should Accept SXP
Speed
Blockchain has revolutionized the concept of money transfers. Thanks to its core technology, people can send and receive their money within minutes and even seconds. Users of Swipe can carry out SXP transactions in no time. Businesses that work with international clients and suppliers can especially benefit from this feature.
When dealing with overseas partners, companies usually face issues with international bank transfers, which often tend to be delayed. SXP transactions solve the problem with their excellent speeds. By accepting SXP or using it to pay contractors, companies can considerably speed up their operations.
Decentralization
The current circumstance forces companies to rely on banks in their operations. As a result, banks serve as gatekeepers and often prevent businesses from working to their full capacity. Moreover, at times, banks interfere with their clients’ accounts by suspending them and causing business activities to stop.
Using SXP and its blockchain can be a viable alternative for enterprises that do not wish to be distracted by their banks. Swipe operates on both the Ethereum and Binance blockchains which do not have governing bodies and are completely decentralized. Essentially, no one can force companies to leave blockchains or freeze their crypto address.
Transparency
Blockchains are also transparent. This means that all transactions are recorded and stored forever on the network. Moreover, every SXP transaction can be viewed by any person in the world. Transparency benefits businesses since the management can always stay in control of the cash flows of the company. This helps keep all financial information of the enterprise in one place and ensures that employees do not employ any fraudulent practices.
Security and Ownership
Blockchain transactions are irreversible. In other words, no party can add changes to or delete transactions. Such a feature is beneficial for businesses since it allows them to avoid chargeback fraud, a common type of crime that involves credit cards. By accepting SXP payments from clients, companies protect themselves from chargeback fraud.
Moreover, users who hold their SXP in non-custodial wallets own their cryptocurrency, and no one can take it away from them. In the case of banks, the money stored in the account is at the disposal of the bank. Therefore, when the bank goes bankrupt, the business that stores its money in it loses all of its funds. Such a situation is impossible on a blockchain.
Low Fees
Blockchains transactions also have low fees, especially when compared to international bank transfers. Moreover, in the case of Swipe, users can choose between two possible networks, Ethereum and Binance. So, when conducting a transaction, a business can utilize the blockchain, which has the lowest fees at the moment.
Borderless Infrastructure
Blockchains, unlike banks, are not restricted in their operations by geographic borders. Thus, businesses can send and receive SXP in any part of the world as long as they have an Internet connection. Companies using blockchains and SXP tokens automatically gain a competitive advantage because they do not have to spend time creating accounts in foreign banks when dealing with international partners.
Interoperability
Finally, as already mentioned, SXP tokens operate on both the Ethereum and Binance blockchains. Businesses can adjust to the needs of their clients and receive payments in SXP using any of the two networks. Moreover, holders of other Ethereum and Binance-based tokens can readily exchange them for SXP and pay for services and products of businesses that accept it.
How to Accept SXP
Thus, considering the aforementioned advantages of accepting SXP tokens for businesses, it is reasonable to make a decision in favor of using the token. NOWPayments assists organizations that want to receive SXP payments. Crypto invoices are one of NOWPayments’ primary tools. Crypto invoices contain all key details which your clients need to conduct a transaction.
Another popular way to accept Swipe tokens is using plugins. These e-commerce tools are available to e-commerce stores that host their websites on platforms such WordPress, PrestaShop, Shopify, Shopware and many others. Non-profit organizations or bloggers, and streamers can accept SXP crypto donations from their patrons and audiences.
NOWPayments is a non-custodial service which means that all of your payments and donations get sent right into your wallet. NOWPayments does not hold your money, and you keep full ownership over your funds.
Conclusion
SXP is a great token for businesses. It supports interoperability, has fast speed and low transaction fees. The Swipe network aims at bringing together cryptocurrency, and the legacy finance system and SXP is the true manifestation of this idea. NOWPayments provides all necessary infrastructure to companies that want to accept SXP tokens with ease.
Read more about the companies that have already accepted SXP.