CEO of Swipe Burns 17% of SXP Supply, 200M Dollars

Swipe is a platform that connects crypto and commerce. Ahead of the release of the V2 whitepaper, Joselito Lizarondo burned SXP tokens and provided a summary of what is to be expected.

By
Ifeanyi Egede
on
May 4, 2021
Category:
Blockchain News

Swipe CEO Destroys $200 Million $SXP

Last week, swipe ($SXP) founder and CEO, Joselito Lizarondo, reduced the total supply of $SXP in circulation by more than 17%. He destroyed $200 million worth of the $SXP tokens allocated to him as a founder. According to the medium announcement, he did it to increase the token's value proposition for the holders from a scarcity perspective. This moves the company closer to achieving its end goal of reducing the total $SXP supply to 100 million. 

Recall that Mr. Lizarondo destroyed 10 million $SXP tokens last year from his holdings. As of now, the total $SXP in circulation stands at 285 million. 

Source

Ahead of the release of the V2 whitepaper, Joselito Lizarondo provided a summary of what is to be expected. There will be updated tokenomics for the $SXP token, and it will serve as a primary utility of payment currency for partner services. It will also serve as a governance token for the AMM and Swipe Chain network. On the platform business partners in crypto or commerce can also pay each other in $SXP. Finally, V2 will see the introduction of a swipe reward token for swipe swap.

What Exactly is the Swipe Token $SXP?

Swipe is a platform that connects crypto and commerce. Businesses can create card programs for users to make their purchases across the globe. Currently, FTX and Binance cards are powered by Swipe's business API. The Swipe token ($SXP) is a software and a digital wallet system that allows users to buy and spend fiat money and crypto-assets whether or not they are physically present at the place. This is different from other cryptocurrencies that are simply a protocol built on a distributed network.

The visa debit card is a key aspect of the Swipe network. What makes it different from other similar debit cards is that users can use the debit card service without staking $SXP. However, $SXP token holders can request higher-tier cards which offer various kinds of benefits.

Swipe has announced that its Swipe chain test net will launch on July 6th. The new version of the swipe website was released on May 2.


Tags:
No items found.
Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile crypto writer and researcher on fintech, the blockchain and emerging technologies. He has several published works online and in the print media. He loves reading, research, traveling, meeting people and football. When he is not writing, he spends time with his lovely wife and kids