Unlike other cryptocurrencies, Swipe isn’t just a protocol powered by a distributed network. Rather, Swipe is both a software and a digital wallet ecosystem that together are designed to allow users to buy and spend cash and crypto assets at physical and digital locations.

The product of a for-profit company, Swipe wallets can be further connected to Visa debit cards and a smartphone application, providing an experience familiar to traditional mobile wallets. This includes custom cardholder perks, such as the ability to receive up to 8% cashback in Bitcoin along with free Spotify accounts.

However, Swipe wallets are enhanced by a host of new features made possible only by the integration of its custom cryptocurrency, SXP.

For instance, Swipe doesn’t charge fees for its debit cards. Instead, users stake SXP tokens to access debit cards with additional perks. The more SXP tokens users lock in special contracts on the Swipe network, the more perks they receive. By staking a minimum of 30,000 SXP, a user can be upgraded to a special debit card eligible to receive 8% cashback in Bitcoin along with free Netflix and Spotify accounts.

Swipe says it is working on additional services such as a savings account, credit cards and merchant payment processing services.

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