Swipe (SXP) Token Remains Under Pressure Despite Huge Announcement

Binance-owned credit card issuer Swipe to allow its U.S. customers creating a USD checking account

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The Swipe (SXP), the native token of the eponymous crypto debit card issuer, is currently down nearly four percent over the last 24 hours, according to CoinMarketCap data

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The cryptocurrency is struggling to recover in spite of Swipe’s recently announced partnership with Tennessee-based Evolve Bank & Trust that now allows the company’s U.S. customers to directly deposit fiat to a cryptocurrency checking account.

Making headway with its U.S. expansion 

Swipe users will be able to manage the balance of their USD accounts with the help of its wallet app.

To set itself apart from most banking institutions, Evolve Bank & Trust will make it possible to deposit fiat via ACH or wire transfers without paying fees, as explained by Swipe CEO Joselito Lizarondo:

“Users will have access to the same checking account features most brick-and-mortar banks provide, but without any fees. We are excited to launch innovative products that make the entire banking experience seamless.” 

The tentative timeline for the rollout of the new service is Q4 2020. 

The company announced its U.S. expansion plans on Aug. 18, making the token spike by more than 25 percent in no time.
Shortly after that, Swipe Wallet became available in all U.S. states (except for New York). 

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Laying the groundwork for Binance Card  

The London-based company was acquired by cryptocurrency exchange Binance back in July for an undisclosed sum of money.

This came after the Binance announced the beta launch of its own debit card in April that made its debut in most European countries in mid-July. 

It is likely that Swipe is preparing the ground for Binance Card in the U.S., but no details are available as of now.

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Alex Dovbnya

Alex covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. He’s a firm believer that Blockchain has the potential to reshape pretty much every business out there, and cryptocurrencies are only a stepping stone to the upcoming decentralized revolution.