search icon
      blog search icon

      Swipe (SXP) Merging Crypto and Fiat - Stocks Telegraph

      By Ammar Mukhtar

      Published on

      September 16, 2021

      4:36 PM UTC

      Swipe (SXP) Merging Crypto and Fiat - Stocks Telegraph

      The true colors of a man reveal themselves in times of controversy. Moreover, controversies are what make us, and controversies are what break us. But can the same be said about a cryptocurrency? Swipe’s coin SXP is ranked at 126 on the CoinMarketCap database. The current value of SXP, at the time when this article is being written, is valued at $2.84, fluctuating between $2.72 and $2.94. But it has seen better and worse days. In the past year, the lowest it has been valued was at $0.577 and the highest was at $5.86, implying that it has been quite a market venture for this cryptocurrency.

      Swipe may have its coin but its main objective is to provide a platform for the exchange of cryptocurrencies exchanges with a robust API. Couple this with the fact that Binance bought this company back in July 2020 and added it for open trading gives it quite the impression and grounded potential for positive speculation.

      How Swipe Works?

      To be a little more specific, Swipe is a crypto-fiat gateway that enables cryptocurrencies to be spent as fiat currencies in real-time. Its mission is to “make crypto finance mainstream by connecting existing payment networks to cryptocurrencies”. Swipe features a wallet for users to deposit, store, and withdraw their cryptocurrencies. Users can spend these cryptos with the Swipe Visa debit card at any place that supports Visa payments. Sounds goods but why has there been so much fluctuation to this in the market and why is it flowing under the radar?

      Both can be answered in two ways, the first can be the generic answer that due to the instability of Bitcoin and the negative news surrounding cryptocurrencies in general, the SXT coin hasn’t been able to take off and become a staple in the field. The second more general answer would be the functionality of the app itself. One Reddit user has called the app “buggy, with no customer service, issues with cashback and in some cases frozen accounts, with months of no real improvement to the app”. This sentiment has been shared by many others well. Another Reddit user that has voiced similar concerns was kicked out of their telegram group.

      But even though still this, it seems to be holding its ground. With a trading volume of $265,059,483 in the last 24 hours, it seems to be sustaining itself. In the last week itself, it has been a bumpy ride but it has been able to sustain itself which suggests that the bulls are holding it up until the trend traders feel comfortable enough. Regardless, the functionality of the Swipe app has to be improved if it has ambitions to become something or just become a part of forgotten history.

      More From Stocks telegraph