Namaste Tribe! We had an amazing AMA session with Joselito Lizarondo, CEO & Founder, Swipe in WazirX Telegram group as part of Grand SXP Giveaway on Friday, 7th August 2020. Here’s a quick summary of the session.
Q1: What makes $SXP very special than other cryptocurrency wallets? How safe are our funds on Swipe wallet?
Thanks for your question. First off $SXP is not the Cryptocurrency Wallet itself, $SXP is the digital currency that powers the entire ecosystem. Swipe Wallet is the crypto Wallet we offer to users in over 180 countries worldwide. Swipe Wallet is different than the completion because we offer our entire platform fees to be denominated in SXP. This means when the user is utilizing the Swipe Network, fees will be 50% discounted and used via SXP. Swipe Wallet also has some new features under stealth that the competition does not have yet which we plan to unveil in the next month or so.
Your funds are safe because we keep all 100% of customer deposits in cold storage and use our own reserves for hot wallets which means Swipe users never are at the risk. In the event their is an issue, Swipe utilizes custodians which offer $100M in custodial insurance.
Q2: As we know, every crypto project needs growth. So what are the plans for SXP mass adoption in the future?
Swipe’s vision and roadmap is to have a platform or application for every crypto-finance use case and to bring real crypto-banking available for users worldwide. We are currently working on our own acquisitions of other financial companies globally to quickly bootstrap our roadmap and release our products in more regions alongside new products that have not been released yet. We believe that once we have more off and on-ramps into crypto with more financial services tools, we can really push the mass adoption envelope. We have enough financial runway with the backing of Binance to continue to push new products quickly, and faster than our competitors. Our focus is to bring more utility to SXP and more products for our users which will entail more usage and burns. This all helps with mass adoption as well as the more it’s used the more you may share with a friend or colleague and that’s sometimes how the bug spreads.
Q3: Are you planning to bring Swipe card to India? Have you thought about it as India is one of the biggest crypto markets. Also, did you drop the plan of creating SGV token?
Good questions. Yes, we plan to bring the Swipe Card to India. We are actually working on buying a financial services provider that already issued cards in India to quickly bootstrap this. I can’t provide more details on this as there are NDAs, but it’s looking like this is coming very soon for India. That’s all I can say. In regard to SGV, currently, it is canceled but once mainnet is launched (very soon) the community themselves can create a governance proposal and vote with their SXP holdings to add it back. This decision will be entirely up to the community as the protocol will be decentralized with transparency on-chain.
Q4: Swipe Network consists of 3 protocols, can you explain about Swipe smart contracts and its core benefits for Swipe Network?
Swipe Network actually consists of many new protocols now with new smart contracts that are under stealth and being audited by CertiK as we speak. These include Staking, Voting, Distribution, Issuing, Wallet-Contract, Governance, Oracle, Network, Wallet, and more. We will be releasing a new white paper in the coming days which will explain the interoperability of the entire protocol including SwipeFi which is our money market DeFi on Binance Smart Chain.
From a core benefit standpoint, the use of these contracts is directly on-chain so they can be viewed by everyone and will include SXP as the native currency. This will promote more SXP use on chain with burns as well.
So not only are they receiving a better fee model by using SXP on-chain, but it will gradually reduce the supply without centralized control.
Q5: The biggest DeFi needs are that of interoperability, providing cross-chain interactions, and multiple blockchains, how does SXP achieve this? Do users need KYC to enjoy all the awesome features of SXP?
Great questions, and yes you are right. Interoperability is critical. I can’t get into it too much as this is something that will be released soon and we want to keep some competitive advantage on this as it will be open source post launch. For KYC, yes you do, however we are releasing non-custodial products soon.
We do have some bridge plans for interoperability, with Ethereum and Binance Chain at first to support cross-chain DeFi.
Q6: Unlike traditional Visa cards, Swipe is not backed by any centralized government entities so how you keep up the Swipe growing and launching the Physical debit card?
Swipe is either working with a Visa issuer (bank) or the process of being its own bank/financial institution to issue Visa cards directly. Therefore we don’t need governments specifically for this, we just need to be licensed or working with a licensed entity. This is how we can quickly scale the process. We have also completed an acquisition that will be announced when ready, which will give us even more powers for issuing directly. This is under NDA at the moment, but definitely exciting as it will help us scale quicker.
We focus on growing all the time, but we have taken a play out of Binance’s book and are already working to acquire (or have acquired) companies to quickly launch our Visa product in many regions worldwide.
Q7: Do you have any plan to collaborate with Mastercard in the future?
Haha. Nice question. Very tough to answer.
This is under NDA, that’s all I can say on this topic. Thanks for the question though 🙂
Q8: Heard, in Swipe, the user can earn Bitcoin for free, can you tell how?
It’s not necessarily free as you need to use your Swipe Visa Card. Cardholders can enjoy up to 4% cashback in Bitcoin on every purchase. So think of your current bank card that doesn’t give you almost anything back and even American Express which gives around 3% of their own points, but Swipe gives it to you in pure Bitcoin to keep pushing crypto to our users.
Some may say it costs a lot to be qualified for the 4% tier, I am happy to say that we are introducing new tiers and new benefits next week to help stack sats for lower lock-ups with also premium benefits and rewards like our competitors.
Q9: Can I Pay with Swipe Debit Card in a grocery store? Or can I shop online using the Swipe Debit Card? Assuming, that I have $USD in the wallet.
You can use the Swipe Card at over 60 million merchants worldwide, wherever Visa is accepted which can use any supported crypto in our platform to convert to fiat at point of sale.
So short answer yes you can use in both 🙂
Q10: What is your project’s main target of SXP in year 2020? And what is the VISION and MISSION of Swipe?
Our main target for SXP this year to bring more utility and let users get access to more features while making all the decision making decentralized. That’s the bottom line. As more SXP is used and our product is used more, more SXP is burned which brings our mission on for deflationary digital asset as well.
Our goal is to bring these services to India and other places and we are making strides to do so. Mass adoption.
Also being part of the Binance Family with WazirX opens great doors for us to quickly enter the market as well as other portfolio companies too (such as Tokocrypto). With great partners and runway our targets will be achieved.
Q11: COVID-19 has affected almost everyone, has Swipe’s development been affected?
Swipe has created a decentralized work plan and it has worked well since the beginning of COVID. Being a Financial Services company we have a Business Continuity Plan which COVID falls under the natural disaster category as we can’t make use of our physical officers. But being distributed globally and the power of the internet has not slowed anything down.
Q12: Use of a “Dapp” over an app is essential for market disruption or value creation for a good starting point. What are your plans for about that?
The Swipe Network including staking and governance is all powered by dApps. We agree with your point and are making this happen.
Q13: What is the next region getting swipe card support?
North America and Asia continents are moving in parallel.
Q14: On moving forward through your roadmap, what are your most important next priorities? Does Swipe team have enough fundamental (funds, community, etc) to achieve those milestones?
Swipe Network is the most important as this includes bringing DeFi on chain. We have all the funding we need and then some to make all of our roadmap happen quickly. Our community is very supportive as well.
Q15: The only competition of Swipe (i.e cryptocom) has got exclusive additional benefits like rebates on subscriptions and cashback on purchases. What exclusive benefits is Swipe looking to introduce to expand its market share from what it is now?
We are going to outmatch our competitors with more benefits. Stay tuned for this coming soon.
Q16: What difficulities and chances is Swipe facing right now?
Good question. Right now we are just seeing no challenges (thank god) in our business. We had some community backlash over SGV but they know our long term intentions (including mid-term) so not concerned about that especially given that they can make their own decisions moving forward with Swipe Governance.
Q17: As we’ve been seeing attacks over multiple chains — 51% attack, double spend and apart of them slow T/xs while sending/spending crypto, Could you please ensure us over these things so that we can consider using Swipe and its card.
Since we use only Ethereum and Binance Chain, this is unlikely to happen there but we have measures in place to protect our platform and users.
Q18: In the near future what you can minimize the fees for instant Crypto settlement?
Q19: Can we use Swipe Card in the Philippines in the future?
Q20: Staking is so popular in crypto space. What’s your view on Staking? What are some requirements of staking? and Who can Stake?
It’s smart. We want to give users incentives for using SXP which includes staking.
Q21: With the Binance partnership will you integrate yourself with other partnerships made by Binance such as FTX, Travala and others ?
To be announced at a later date. We have a lot of companies interested/integrating Swipe Issuing.
Q22: What is the plan to ensure sufficient liquidity on exchanges to fill market orders, especially as adoption increases and clients begin multiplying year-over-year for Swipe?
We use a real-time matching system that is connected to Coinbase And Binance so liquidity is no issue.
Q23: Indian government trying to ban crypto, in that scenario will $SXP Visa card survive in India?
If this were to happen we would have to suspend services. Just being transparent. #IndiaWantsCrypto though. ?
Q24: How is security while using Swipe cards? Does it have tap to pay and other features? Also, how is user privacy protected in Swipe ecosystem?
Yes, it has tap and pay and real-time security features in-app like card freezing.
Q25: As an user of Swipe wallet, I wanted know the terms and conditions of your industry leading custodians which provide 100% insurance of Swipe wallet?
Covers employee thefts or hacks.
Q26: Greetings from India. After the lifting of the ban from crypto, India is rushing to embrace the crypto technology and cards are in big demand. You guys have a bright future here. But my question is when are physical
Swipe cards going to be available here.
I don’t have a date yet but we are pushing for ASAP. Thanks for your support.
Q27: Most investors only focus on the price of the token in the short term instead of the real value of the project. Can Swipe tell me the benefits for long term investors?
The best way to answer this is to look at tokenomics. We had a 300M total supply that will be gradually reduced to 100m. So you have tokens that add millions and billions to their total supply each year, we do the opposite. Coupled with Binance backing, and burns, for long-term investors this should bring confidence that our product line, as it grows into more regions, will support the growth of SXP too.
Q28: Many Blockchain networks have moved from Ethereum network to others, due to high fees high block time and latency. Does Swipe have any plan to do?
That’s why we are bringing cross-chain DeFi with Binance chain until Eth 2 is fully ready.
Q29: What’s the difference between Binance card and Swipe card?
Nothing really. Just branding. both are powered by SXP and use Swipes backend tech. So whether you use Binance Card or Swipe Card, the net benefit goes to Swipe SXP.
Q30: Can we transfer our currency from Binance/Wazir to Swipe? Will it be free?
Good suggestion and question. We are working on this.
Q31: The most important thing is the support system. How is the customer support system? Can we expect our query will be resolved quickly?
We are scaling this up to meet the immense growth we are seeing.
Q32: What are the main utility and real-life usage of the #SXP token. Could you give me 3 key points to convince me and other angel investors to invest in #SXP in the long-term?
- SXP Burns from Tx fees grows as us, Binance card, and other partners grow
- Real-world utility.