Swipe (SXP), the native token of the eponymous cryptocurrency debit card provider, surged more than 25 percent in one hour on Aug. 18.
The latest rally was triggered by the announcement that Swipe would be expanding into the U.S. market:
Swipe is thrilled to announce we have received the green light to launch in the United States. More details surrounding the US launch campaign and the announcement of our new banking partners coming soon.
Another off-ramp in the U.S.
The Swipe Network is a payment protocol that allows seamless conversion of cryptocurrency into cash.
Its users can connect a Visa debit card to the Swipe Wallet app that, as its founder Joselito Lizarondo notes, could soon become available to more than 200 mln adults in the U.S.
Binance, the leading cryptocurrency exchange by trading volume, announced the acquisition of Swipe last month, prior to debuting its cryptocurrency debit card in Europe.
The exchange's CEO, Changpeng Zhao, claimed that the availability of off-ramps—the services that facilitate crypto-to-fiat conversion—is pivotal in driving adoption:
To achieve our mission of making crypto more accessible to the masses, off-ramps are a key component as well. By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone.
SXP saves the day
SXP is currently an outlier amid the broader cryptocurrency pullback triggered by Bitcoin's slump below $12,000. It is, however, still down 20 percent from its lifetime high of nearly $5 set on Aug. 13.
The token is used for paying transaction and withdrawal fees, 80 percent of which end up getting burned on-chain.
Earlier this month, the project also announced the rollout of Swipe Governance Token (SGV), a BEP2 cryptocurrency that will let its holders participate in the network's decision-making process, together with a new decentralized finance solution called SwipeFi.