SXP (SXP)

Utility

SXP powers the Swipe platform, including the Swipe Wallet and Swipe Visa Card. It is used to pay transaction fees, network fees, and spending fees within the Swipe ecosystem. Users need SXP to activate and use the wallet’s on-chain functions.

Payments

SXP enables users to spend cryptocurrencies globally through Swipe’s debit cards, which work with Apple Pay, Google Pay, and Samsung Pay. It helps convert crypto to fiat for real-time spending.

Rewards and Discounts

Holding SXP can unlock tiered benefits, discounts, and rewards enhancements on the Swipe platform.

Tokenomics

SXP follows a deflationary supply model, meaning the total supply decreases over time as tokens are used and burned, increasing scarcity and value potential.

Staking and Liquidity

Users can provide liquidity with SXP on certain pairs to earn rewards. Staking options have evolved, with some replaced by new mechanisms to support the ecosystem.

For more details, visit Swipe’s official site.

Advantages

SXP offers fast transaction speeds and low fees, making it efficient for users. It supports decentralized finance (DeFi) applications and has a growing ecosystem. The token is also used for staking, which can earn rewards.

Disadvantages

SXP faces competition from many other tokens in the DeFi space. Its value can be volatile, and adoption depends on the success of the Swipe platform and partnerships. Some users may find the technology complex to understand.

Founders of SXP

• Joselito Lizarondo: He is the main founder of the Swipe platform, which originally created the SXP token. He played a key role in developing the Swipe ecosystem, including the crypto debit card and wallet services.
• Nayiem Willems: Co-founder of the Solar Blockchain Foundation, which took over the SXP project after Binance acquired Swipe's remaining shares. He helped establish the Solar Network that now powers SXP.

These two individuals are recognized as the key founders behind the SXP token and its evolving blockchain ecosystem.

Institutional Investors

SXP has attracted interest from various institutional investors, including venture capital firms and private equity groups that focus on blockchain and crypto projects. Specific names are not publicly detailed, but these investors typically support the project through private sales and funding rounds.

Exchange and Corporate Backing

Binance, a major cryptocurrency exchange, acquired Swipe (the project behind SXP) in 2020. This acquisition brought significant corporate backing and helped boost investor confidence.

Community and Retail Investors

A large portion of SXP tokens are held by retail investors and the community, especially in markets like South Korea, where trading volumes on exchanges such as Upbit have been very high.

Public Sales and Token Distribution

SXP tokens were initially distributed through public sales like ICOs and IEOs, allowing a broad base of investors to participate early on.

For the most up-to-date and detailed list of investors, visiting the official project website or trusted crypto data platforms is recommended.

Halal Status of SXP

SXP is considered halal because its primary revenue comes from transaction fees and payment processing, which are permissible under Islamic finance principles. The project has real-world utility and does not involve interest (riba) or prohibited activities, making it compliant with Shariah guidelines according to Islamic finance experts.