Swipe is set to venture into the U.S. market following approval from regulators. The news of the launch caused a rise in the price of its SXP tokens.
In a tweet on Tuesday (August 18, 2020), crypto wallet and card provider Swipe announced that it received go-ahead to launch its services in the United States. According to the announcement, the Binance-owned platform stated that its wallet and debit card would be available in the U.S. following the launch and the revelation of its banking partners.
Swipe’s entry into the U.S. market constitutes an expansion of the company’s operations, which has mostly been restricted to the U.S. The crypto card provider offers services in 31 other countries, including Spain, France, and Germany.
Swipe offers instant fiat-to-crypto conversions via the Visa payment network. The platform also allows users to purchase crypto tokens right from inside the Swipe wallet app.
Commenting on the likely implications of the company’s U.S. expansion, Swipe CEO Joselito Lizarondo tweeted:
“We are about to open @SwipeWallet to potentially over 200 million adults in the #USA. Do the math. $SXP.”
Swipe expanding operations to the U.S. is a testament to the continuous growth of the crypto debit card sector. The arena has seen different platforms trying to dominate the sector with the likes of Crypto.com and Coinbase. Back in April, cryptocurrency startup Fold joined a Visa program to launch a card that offers Bitcoin rewards.
With more platforms and companies looking to explore the crypto cards arena, more users will be exposed to the crypto industry, which could incentivize retail adoption of cryptocurrencies.
Following the release of the announcement, SXP token price saw a rapid 20% price gain as trading volume spiked considerably according to data from crypto market monitoring service Coingecko. Tuesday’s surge is the latest of such sudden upward moves by the token over the past few weeks.
These price spikes are mostly due to a slew of positive developments centered around the project. Indeed, SXP is up over 60% in the last 30 days.
Today, however, the entire cryptocurrency market took a nosedive as it lost a major chunk of its capitalization. SXP is no exception, as the price tumbled from above $4 yesterday to around $2.84 today and recovered to its current trading price of $3.3.