Swipe wallet and crypto debit card platform has integrated Chainlink (LINK) data oracles to improve the accuracy of reward issuance and token burns.
Swipe CEO Joselito Lizarondo said Chainlink’s decentralized price feeds will provide more accurate and fair token conversion prices for users and was an important step towards greater decentralization:
“This is important to us to bring transparency to our users, especially as we’re kind of leaning towards starting to migrate from custodial products to noncustodial products in the future. So this is a starting point of decentralization in our system to ensure that our users are seeing a fair price point.”
Half a million users
The Swipe CEO declined to disclose statistics about debit card transaction volumes besides saying that they have 500,000 users. He noted that since his competitors do not disclose their numbers, he does not want to give them an advantage.
Major cryptocurrency exchange Binance is the majority owner of Swipe, but Lizarondo said the company has preserved its operational independence. Swipe also has an interesting philosophy towards digital assets custody, they employ two major custodials — Coinbase Custody and BitGo.
Lizarondo explained that it is dictated by both necessity, as Coinbase does not yet support Swipe’s native token SXP, and a desire to diversify their risks:
“We don’t want to put all of our eggs in one basket. We don’t want to have a central point of failure, even though these are very reliable custodians.”