Swipe Reddit AMA — 9/25
Swipe Reddit AMA — 9/25Hello Swipers,Thanks for checking out this Reddit AMA today to get caught up on some Q and A’s in regards to Swipe. We have had a fantastic month in September growing our wallet and card business by over 2.5x in all aspects. We also had the the great opportunity to finally formally launch the Binance Visa card that operates on Swipe Issuing which is a very unique, high rewards, crypto debit card in the EU with more regions in works like US, Turkey, Canada, Singapore, and Australia all coming up next as issuing banks have been secured and/or Visa approvals are already in.I want to first clear the air on a few items that I believe are troubling some community members and users. We had some minor and major bugs/issues with the Swipe Wallet application, and for that all I can do is apologize. It took a few hurdles (like apple taking forever to approve) but we got over them and now the Swipe Wallet app should be much faster and less buggy. We also got through an entire backlog of KYC level 2’s which I know was frustrating to many. The cashback module was broken. We had to re-write the entire library to make it work with the current enhanced wallet infrastructure, which I can now say it’s done. So cashback should be near-instant once a transaction is fully complete (pending -> complete).With that being said, I want to now focus you on what we have been working on diligently: Venus. I wanted to announce the launch of Venus, a money market protocol on Binance Smart Chain, today, but couldn’t as it wasn’t quite there yet from a partner that we will be working with on it. What I can touch on is that the month is only a week away, so you can use your imagination there when Venus will be announced alongside the testnet and white paper. SXP holders will garner the most benefits from the protocol.You can rest assure, that no matter what price action the markets have, Swipe is consistently working day-in and day-out to continue building our ecosystem and product lines. The ecosystem is fueled by SXP and everything we build surrounds it. SXP is a scarce asset that has a limited supply that eventually goes down to 100,000,000. So the number of units available to utilize our services are actually going down daily. These numbers will ramp up as more mechanisms are added and volumes increase. Price always catches up to value (if there are any disparities).October will be another month of building with more updates to come. The stealth plans are becoming ripe to deploy and Swipe will continuing pushing the envelope forward.AMA Questions (Shout out to CocaColaKid on reddit, very amusing answers, non of which were provided by Swipe in any capacity. They are not official team member(s) but, had some accurate and some inaccurate answers) The first 10 questions below are the winners for the Reddit AMA prize. Please PM /u/SwipeWallet on Reddit to claim your prize.Can we get early adopter benefits? Answer: Venus is coming and other benefits. So short answer: Yes.Is fiat top-up coming? Answer: Not in Swipe’s business plans, but we will introduce stable coin support very soon.Do you guys plan to launch a stats page for the card usage? Answer: We are building a Swipe based explorer that will have all of the data you are asking for and then some (including burns). So yes, it’s in the plans already.Are there any new infos about using the Binance UI for Swipe card users? Answer: There will be a migration of Swipe Cards to the Binance.com Card UI so that you can use your Binance funds in real time with your Swipe branded Debit Card. After this migration occurs, Swipe Cards can be ordered directly on Binane.com. There will be a strong promo for this when his switch happens in the next 30–60 days for Swipe users.When does Swipe plan to move SXP off of Ethereum and what will the process look like from a user perspective? Answer: Never, we are always going to be cross-chain compatible. When our Binance Smart Chain project launches, users can wrap their SXP via a web-app or via Binance.comYou mentioned a month back that an exchange besides Binance will also be issuing swipe cards could you give us any more information regarding that and will it take place? Answer: This is correct, but no public information on this at this time.During the USA launch you mentioned multiple banks ( plural ) will be announced and the swipe team only mentioned one to the day will any more info be mentioned regarding that? Answer: Yes, next week.Regarding the Binance cards CZ mentioned you can earn up to 7% cash back with BNB and nothing regarding SXP could you talk more about this since your in control with the Binance cards department s also? Answer: There’s no reason to benefit someone with SXP. If they want to take their BNB and buy SXP that’s better. Also more Binance card use equals more SXP burned.Regarding Swipe Issuing Burns: When you say “up to” do you have specific details you can share regarding the fee structure? Up to is a very arbitrary speculative number, can you please provide specific details. Answer: It’s a variable figure that depends on what our costs are on the program. Since each transaction may vary in charges, we say up to as this may change region by region. The best way to keep track is just to pay attention to daily burn indicator to see how this is progressing.What are the costs exactly that are associated from the program that swipe will need to endure? Why would swipe endure costs for other users using the platform? If swipe is enduring these costs, wouldn’t that not make this an inflationary currency? Answer: Our costs are dynamic. Costs would include what we pay Visa and the issuing bank/processor for running the transaction alongside other fees. That’s as much as I can share on this topic without going into NDAs.If any of these questions cant be answered under “NDA”, can you explain why an NDA would be needed for a fee structure when you have users owning tokens but not knowing how the structures would be? Answer: You are supposed to own the tokens to use them in the ecosystem. This fee structure does not have to do with you owning tokens. We do not make any guarantees and do not own tokens based on our fee structures please. IF you want to own tokens, own tokens to use them. What you are asking us to share is what we have for internal purposes between banking partners. You are not a shareholder of Swipe by owning SXP. Nor are you entitled to passive income from Swipe’s, as a corporate entity, revenue . Please bare that in mind.There are so many different crypto wallets out there, and a lot of them offer similar functionality, what makes Swipe Wallet unique? Answer: Swipe has recently stripped all fees including withdrawals. So we are officially the only insured wallet that has no fees.Have Swipe thought about obtaining its own “banking” license?Answer: This is already in progressWhat about referrals getting the card atm. Does they count for the old referral program, no referral bonus at all or the new upcoming one?Answer: Old referrals will not be retroactive.How does Visa cards cashback works? When is it credited and how? Answer: Card spending cashback is now instant. Rebates (like Spotify) are paid before the 5th of each closing month, so first one is due October 5th.So what’s 3x farming mean? Answer: This will be explained in the Venus white paper next week.When will cards ship to the US?Answer: Goal is by November before the holidays.Are card Issuers allowed to set their own cash back reward tiers?Answer: Yes.How do you plan to manage the cost required for card when there is price fluctuation in SXP Answer: These values will be controlled by Swipe Governance and the SXP holders in the very near future.With Binance and Swipe cards available, won’t they eat each other market? If not, what are their target market differences? Answer: Doesn’t matter which Card you use for aesthetic or benefits purpose. They are all powered by Swipe and Binance Cards benefit SXP’s monetary policy greater than Swipe Cards.Have you thought about having an option to automatically top-up whatever crypto is spent to Swipe? Answer: Yes this is a module we are building out for reoccurring purchases and auto-topup.Is a credit card planned? Answer: A DeFi card is coming very soon.Will Venus Protocol burn SXP? Answer: Not on day one as this is not a centralized system and only benefits participants. Governance can change this and we will encourage it.Will Swipe X be released in September? Answer: No, but in October toNovember.What is the SXP payment API status for website? Answer: In private Beta with select partners.Do u have any major partnerships in line ready to use the payment API? Answer: YesWith the coming Governance System will the community be able to vote for higher cashback percentage/new card tiers to match the binance card? Answer: Good question, not in v1 but this can be proposed in v2.What about the new referral program? When will it start and what are the benefits? Answer: The plan is to go live with the Referral program before October 15th.What is the relationship between SXP and the Venus project?Answer: Swipe’s on-chain blockchain team is working on the Venus project.Is the team considering implementing compound staking for SXP (i.e. allowing SXP reward for staking to be staked somehow without the need to compound 1k SXP) Answer: If the community wants this they can vote for it in Governance and someone can propose the solidity contract change for it.Swipe cards for EU are issued from UK. Is Swipe prepared for Brexit?Answer: Yes we have a plan in place.If i understand correctly binance paid 300k sxp to get binance card?Answer: Yes, Binance has a 300,000 SXP indefinite stake as long as they have a Card program running. So it’s safe to say the Total supply is 300,000 less as long as Binance has a card.When will Swipe be available in Ukraine? Answer: We are working on this as we have located an issuing bank already. I believe there are some regulations coming in Ukraine for crypto-laws next year and that’s when we can most likely launch this product since its issued by a local bank.What made you start Swipe? Answer: Monaco at the time was just a white paper, TenX had issues, the market was ripe for a new leader. So I hit the ground running and assembled a team that could deliver to market fast.Can you promise and guarantee the community that SXP will never be swapped for any another token and never be replaced by BNB. Answer: Yes, this will never occur and SXP will always be its own asset.I still want to know why Swipe is not available in the Philippines. Are there regulations prohibiting it from being used here? Are there any plans to allow users in PH to use Swipe? Answer: The Philippines has very strict crypto laws. Anyone operating there must have a Virtual Currency Exchange License if they operate a custodial solution. Swipe has been working on this for over a year now with the best law firm in Philippines for this license. We are almost over the finish line, and once there, we can release the products there.Why not make cards metal instead of plastic?Answer: This is planned for the future. It was just faster to go-to-market with plastics at first.Any cash back boost in future?Answer: Yes we have a plan for this.Do you plan to become a cryptobank like Kraken?Answer: Yes, we plan to do this in the mid-term/long-term and it’s already in the works.What is your function inside the Binance company atm and in the future? Answer: Being part of the Binance family is amazing. We get access to all of the tools and resources they have to continuing building Swipe. I personally also run the Binance Card project which is powered by SXP. So the more that project grows the more SXP is burned and overall supports the deflationary ecosystem.Will we be able to yield farm venus with sxp, and will it be a stable coin?Answer: Lets see if people are reading the AMA in detail and see this Easter egg. Yes you can and yes there will be a stable coin.Are there plans to also use our swipe cards directly through Binance instead of only the swipe wallet?Answer: YesCan you please confirm if Swipe is actually issuing Sky Blue cards in the UK?Answer: Please have them check their emails, we are not currently sending Sky or Steel cards as they are not manufactured yet. We are sending temporary Saffron and Slate cards but with Sky and Steel benefits. This is just aesthetic and you will get a free replacement once ready.About governance. How can you prevent someone with 300k SXP or more to propose and then make new accounts to vote for his own proposal? Like in a scenario If he owns 51% of the tokens.Answer: If a single entity owns over 51% of the circulating supply the protocol is prone to attacks as it is with any governance based system. We have a freeze key that we can use as Swipe to prevent anything from happening maliciously, but this key will soon become burned and controlled by a DAO in the near future.I’ve just paid for a Pizza and Iced Tea with SXP through my Swipe Card, how delighted are you about being global?Answer: I love adoption. That’s why I am here. I believe crypto should change finance permanently and first pain point is commerce.What are the chances of burning he next founder tokens? Can we use the swipe governance to make you burn maybe half of the next 10m founder coins?Answer: You can make any Swipe Governance proposal, but make sure you have valid reasons why you want to do that.Some countries like the US may view spending crypto as a taxable event resulting in adverse tax consequences. Making it optional (fiat or crypto) what to spend via the card could solve this issue. Will you consider this?Answer: Already have something in the works for this and it’s almost ready.What is the ongoing marketing plan for Swipe? It was great to see some of the banner ads on CMC, are we likely to see more of that in the near future?Answer: We are working not his as CDC has some long term contracts with CMC before Binance acquired it. Once this is done you will see some more ads on Swipe in the near future.Are there any plans or discussion on being able to purchase stablecoins USDC or USDT to make card purchases?Answer: YesWhat are your plans on increasing the quality and speed of your customer support that is needed for a project with a scope like Swipe?Answer: We are growing much faster than we have support staff for. Swipe is taking steps to scale this by hiring and training new support staff and should have it back at a good medium soon.Could you break down the fee structure that Binance pays SXP?Answer: Yes, its all public: https://swipe.io/issuing (Swipe Issuing Premium)Any plans to cooperate with Ledger and add option to stake SXP directly in Ledger live?Answer: Wasn’t in the roadmap, but since you raised this point, we will look into it.Do you have any plans in place to see that Swipe card reach global users?Answer: Yes this is actively being worked on simultaneously in every region.Would you consider issuing 1 same universal card that has access to all perk levels (automatically up-/downgraded based on the SXP stake level) instead of making it a conscious choice for the user? hat way different colors will just be a cosmetical choice. Ultimately, with such a flexible card, you’ll lower the entry-barrier and improve conversion.You implemented that for the Binance Card so I believe it should be possible to do for Swipe itself, right?Answer: Yes this was my plan for Binance Card. I dont think we need so many colors but we could gameify the experience by making levels. I piloted it in the Binance Card project and it seems to work well. A little too late for Swipe to go back to do that now, but we will make some adjustments to this in the future. What I think would be productive is one metal card that perks go up and down depending on your level.Why didnt Binance release their card as something like “ powered by Swipe”?Answer: Please go check again. Its all over the website, FAQ, and even on the physical card.Will you propose the generation of a temporary card to pay without giving the main card?Answer: We are contemplating this feature to give more upfront value for Cardholders.Latest move of Binance card launch seems indicating $SXP is sacrificed for $BNB. Public see $SXP value/utility was taken and diverted into $BNB. What’s your take on this opinion?Answer: I would disagree with this point. There are 31m SXP locked in staking whereas there were only approximately 1.5m SXP staked for cards.A vast majority of Swipe Cards are Saffron based. The card lock-up mechanism is not a strong sell point anymore, hence why the BNB one is just balance based. SXP is much more useful for on-chain staking than off-chain card lock-ups and the data speaks for that assertion.Have you thought about the ability to buy a piece of stocks (apple, amazon, etc) by using swipe wallet?Answer: We are working on this feature as we speak and hope to have it live by early next year.Have you thought about the ability to buy a piece of stocks (apple, amazon, etc) by using swipe wallet?Answer: Swipe is always hiring. Email: careers@swipe.ioWe will probably not have debit cards in 10 years time. What is swipe’s plan for cardless future?Answer: Biometric based blockchain payments.Can swipe accomplish zero gas fee feature?Answer: Yes! And we have done so. No more withdrawal or deposit fees.What happens after staking for the card ends? Do you need to restake to keep the perks on the card?Answer: You need to keep SXP staked in order to receive the on-going benefit.Since Binance and Swipe are closely related, might it be possible in the future to get the Binance branded Swipe card but to stake SXP instead of BNB (and of course get the regular Swipe staking benefits instead instead)? I guess I prefer the Binance branding but would prefer to stake SXP over BNB. Would be nice to have the choice between the two available options/benefit systems.Answer: We are working on something to benefit both cardholders and token holders on the same platform. More info on this to be released soon.Can we expect localised user experience for the mobile app?Answer: Yes, this is already in the works and we are adding more languages.I want to think like Jeff Bezos. Being the best means expecting the worst every day and be prepared. How could Swipe ever fail? How could SXP price go to 0? What would happen if you JL — god forbid — get so sick you cannot work anymore? In the line of succession CZ would appoint an interim CEO? What would happen to Swipe if you both together (famous plane crash incidents, Kennedy and co.) experience a tragedy that would make you incapable? I know my questions sound bearish, but that’s only because I’m mega bullish in fact about SwipeAnswer: Great question, and one that a CEO needs to be prepared for. SXP price would never go to 0 as there will always be an ecosystem of value which is partially decentralized and doesn’t rely on central control. So unless blockchain systems become non-existent, SXP won’t go to 0. Swipe is pretty self-sufficient at this point and I am working to hire more senior executives to take over the day-to-days. So with or without me the vision is in stone for the team to carry and a huge backing of Binance as a support base.Regarding Evolve Bank partnership: Where are we going with this? What products will you incorporate? As a US resident, am anxiously waiting for more crypto adoption.Answer: Crypto-Funded Checking accounts that can be digitally opened by your phone without a credit check and without caring what you’re income is and financial status. We want to help bring a higher level of banking with a lower barrier of entry and using crypto to bootstrap it. From a high level: Cards and a Digital Checking account are planning to come this year.How do you provide liquidity, and what liquidity providers are you already working with?Answer: Our platform sources liquidity from Binance, Bittrex, and CoinbaseThat’s all folks for now. Make sure to turn on post notifications on all of Swipe’s social media channels for tons of updates next week.Thank you,JLSwipe Reddit AMA — 9/25 was originally published in Swipe on Medium, where people are continuing the conversation by highlighting and responding to this story.
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