Swipe, one of the latest acquisitions of Binance, has announced a new simplified white paper, which should assist in mass adoption for the company.
With many developments coming from Swipe, its native cryptocurrency, SXP, has soared by over 60% in the past week alone to a new all-time high painted today.
Swipe’s Latest Developments
The newly-announced and “redefined” white paper comes under the name Swipe Product Manual. The company said that unlike other white papers that are “bulky and mixed with content the average user will not digest and understand,” theirs will work “in a way for a layman person to understand.”
To simplify the information, the Swipe Product Manual has summarized all currently available products and what the company plans to release soon. Users can utilize Swipe Wallet, Swipe Card, and Swipe Issuing, while Swipe Pay, Swipe Credit, Swipe Savings, and Swipe Decentralized Applications will arrive soon.
The Swipe Card Tiers will have four levels of engagement, depending on the amount of SXP token staked by the user. The cashback from the card programs can give up to 5% in Bitcoin with the following benefits:
“100% Rewards Rebates on Amazon Prime, Apple Music, Spotify, Netflix, and Hulu memberships and 10% Rewards Rebates on Starbucks, Uber, Airbnb, and Travala.com.”
SPX Token Upgrade
The announcement also asserted that the native cryptocurrency will go through an upgrade to a new v2 token contract on the Ethereum blockchain. By implementing this update, the company aims to “destroy and remove all admin keys and make the protocol fully decentralized with control through on-chain governance using SXP.”
Additionally, the v2 SXP token will be interconnected with the upcoming Swipe dApps. Although the timeframe of the update is not specified yet, the statement said that “this upgrade will require users to utilize an exchange, custodial wallet provider, or a swap tool we will release and open-source.”
SXP Price Exploding
Ever since Binance announced the acquisition of Swipe in early July, the token has been on a massive bull run. At the end of June, SXP traded at $0.42, and earlier today, it reached a new all-time high of over $3. This represents a 45-day price surge of 614%.
The asset’s performance is impressive on a micro-scale as well. It has skyrocketed by 105% since August 2nd and by 65% since August 8th. With its current price just below $3, Swipe’s total market cap is closing down to $200 million and has firmly positioned SXP within the top 100 coins, according to CoinMarketCap.