Flash AMA by — Joselito Lizarondo Dated: 13 Oct 2020

JL — Thanks for joining everyone. I figured I could host a quick AMA in here to catch up with the community to see if there are questions to be answered while I am waiting in between two meetings.

So I usually like to start with an update on swipe:

Swipe has had a very productive first 2 weeks of October with our teams working hard to launch many new features and products as well as working on new b2b relationships which will further grow our Swipe issuing business.
We are excited about all the progress we have made in such a short period of time and keep pushing towards getting our milestones done in a record pace
I will spend some time going over the questions above followed by opening up the chat for a minute to hear if there is anything else to ask.

Q1 — @JoselitoLizarondo will there be updated card percentages for 5 and 6% to match binance?
JL — Short answer: No, not at this time.

Q2 — @JoselitoLizarondo 2. Can the 600k per month sxp for company operations be modified to a solution that doesn’t cause inflation to the circulating supply?
JL — Not at this time, this was in the original white paper and we will stick to it.

Q3 — Can SXP able to be an independent payment come such as Visa or MasterCard in payments?
JL — We are working on our own direct payment rail under Swipe Pay, this is in development and should out in the next few months.

Q4 — Do you think that SXP will become readily available to most countries in a short time-frame and do you think Binance has helped scale the token and its benefits how you like?
JL — Yes, we are actively working in parallel with numerous banks in different regions to issue fast and even discussing with Visa to get direct memberships in regions where we can apply for it to speed track. We are also working on acquisitions and/or have made acquisitions which will speed track this.

Q5 — How will the cost of applying for card tiers be addressed as the price of SXP rises? Will it be at some point pegged to a USD price? For example, if the price of SXP increases to $10 it is going to become relatively expensive to lock up SXP for any of the cards?
JL — This is dynamic and controlled by Governance.

Q6 — What is a day for you and your Swipe business and development team? Are you in constant contact with Cz?
JL — My day consists of meetings mostly and checking reports. Swipe has built a great internal team with our members and Binance members working together on every front. I feel confident that if I was not around, that the team has the roadmap, vision, and plan all figured out to consistently execute. We have hired some new recent executives as well in various C-suite roles which we will announce soon. In regard to CZ, we are the same umbrella as Binance, I think that answers that one.

Q7 — The benefits for the exclusive Elite Slate cards (on-chain staking with automated weekly rewards) with 8% cashback is brilliant. Is there a guarantee that these awesome benefits will stay?
JL — No there’s no guarantee on this, to be honest, we will always monitor market dynamics and try to stay competitive. This is just being transparent, but i obviously personally don’t see any changes being made on this anytime for now.

Q8 — Are you going to support the stacking rate for other crypto-currency like Crypto.com?
JL — We are offering Swipe Savings soon. It’s almost ready for internal testing.

Q9 — can you say that the Swipe project is important for the Binance Smart Chain network?
JL — Speed, cost, efficiency. These are key factors.

Q10 — Is there anything you can do to keep my/our minds positive & happy, so we will continue holding our Sxp even though the price dumped so much 😢 since I bought…
JL — I don’t comment on price, but a general market advice. Markets have trends, value is built on the foundation first. We have built the foundation and it's growing. This does not go to price appreciation as I can’t comment on price, but just fundamentals of utility.

Q11 — Would swipe be using venus for lending as well as for earning?
JL — Yes, We plan to utilize Venus as much as we can in the Swipe ecosystem.

Q12 — Do you feel the staking benefits being so lucrative in theory are actually inflating supply too fast in such a way that the price elasticity is getting no momentum?
JL — I always look at Swipe from a total supply perspective and from that perspective it's decreasing every day. So I don’t believe the staking mechanisms harm anything as my own personal opinion and not investment advice. The data shows most people are compounding their SXP staking rewards to earn more rewards. Those are the people aware that the supply is capped and reducing everyday imo.

Q13 — Is there an update on when Canada can expect Swipe cards (virtual or physical)?
JL — Canada will have both, and we are just waiting for all the items to be checked off. It’s coming soon.

Q14 — Will there be more utility for SXP similar to the 100 SXP that is locked in Swipe Wallet to reduce fees?
JL — We always build with SXP in mind and how to tie SXP into it. So short answer: yes.

Q15 — Possible that all cards that required staked SXP earn APY also?
JL — Possible, we are exploring options.

Q16 — Do u see swipe staying fee-free?
JL — Yes for those who are staking SXP after 1/1.

Q17 — Is there any possibility to get on-chain rewards on steel cards in the swipe wallet?
JL — I don't think so. Not at this time. This was a value-added benefit for locking up 30k

Q18 — Also since sxp is the governance token for xvs, could it harm holding xvs until it gets governance?
JL — The protocol is decentralized for a reason. I think it’ll be fine.

Q19 — I appreciate your success at a young age and how sleepless we are, and I’m taking you as an example. What’s the key to your success?
JL — Execute your plans and build a good team. Delegation is the most valuable skill-set one can have to building an autonomous team.

Q20 — What inspired you to create SWIPE and what is the reason you chose the name?
JL — Our first product was the card and what do with cards (for the most part). SWIPE them. So I found the branding and domain for sale and bought it. The rest is history.

Q21 — How many other projects/companies have issued cards or have plans to issue cards using Swipe?
JL — We have some in the pipeline. NDA’s in place.

Q22 — Will we be able to move $SXP to BSC and stake on-chain? If so, when can we expect this?
JL — Yes, no ETA, but soon.

Q23 — Great things swipe has achieved by becoming issue authority for debit cards. What's the plan for credit issuer and enter credit market by issuing credit cards
JL — I think Credit Cards in crypto-space will be the next big thing because it helps avoid capital gains liability by hedging the crypto for fiat instead of selling it. We are actively building this out with the LendFi product and soon Swipe Credit.

Q24 — Though US virtual cards are officially live, none of the members in this TG group were lucky to be included in the invite. We were told to wait for the next app update. When will Swipe Wallet be updated for the US users who are waiting for the Swipe Debit cards?
JL — Contact @SwipeSupport to see if they can downgrade your KYC now so you can re-do it with socials if you don’t want to wait for the update. The app update is pending apple/google deployment and then approval so probably towards end of the week.

Q25 — Any progress on when we can expect to see the cards in Singapore?
JL — Singapore, Australia, Canada, Turkey, South Korea and Ukraine are our most likely next regions (in no particular order) as we have secured issuing capabilities in these regions.

Q26 — What’s is the innovative advantage over other wallets?
JL — I can name alot, but the fact we have a gas free cross-chain wallet with instant transfers to Binance itself is a game change imo.

Q27 — Do you think token allocation for team Is already fair/tight after the big and important changes of the Swipe project?
JL — Yes.

Q28 — Upon migration who will pay for the perks for non slate users.
Will it be swipe or binance?
JL — Binance will have a rebate system coming out soon. That’s all I will say on this. There will be both SXP and BNB tiers so no changes for Steel, Sky, and Saffron cardholders in those regions.

Q29 — CAAS is a biggest use case for swipe, are there any ongoing discussions with other exchanges to partner with swipe?
JL — Yes

Q30 — Millon Dollar Question🙏

JL — Not at this time. Sorry.

Q31 — The Swipe Community Forum doesn’t let anyone in, we are not receiving the confirmation email when signing up. Could you fix it, please?
So we’ll be able to discuss proposals as a true collaborative community.
JL — Thanks for the info, I will have the team check this out to fix asap if needed.

Q32 — How can we get our swipe card in turkey ?
JL — It’s coming. We have already secured an issuing bank and now working through all the logistics.

Q33 — Can we reserve the card before it is available in our region?
JL — yes, this has already soft-launched in some regions 😉

Q34 — Do you think that SXP will become readily available to most countries in a short time-frame and do you think Binance has helped scale the token and it’s benefits how you like?
JL — I do, we have launching products and regions in a much faster pace than all active competitors. We are only getting faster too on this. Binance helps scale everything, they are the best partners to have in the space.

Q35 — SXP used for voting governance proposals are not earning staking rewards. Isn’t this disincentivizing participation?
JL — SXP used for Voting is earning staking rewards as well.

Q36 — Have you and your team heard about the new EU draft law regarding cryptocurrencies, and if so, how will swipe react to it?
JL — Yes we have, and we have our legal teams working on this. Not concerned at all as we have made some strategic acquisition planning for this.

Q37 — Greetings SXP team. Are you planning to expand your excellent project to South America, the Swipe card? And what proposals would sxp bring for users in South America?
JL — We are working on bringing Swipe products to all regions globally.

Q38 — Are there any major SXP developments happening behind the scenes that have not once been mentioned/hinted publicly yet @JoselitoLizarondo ?
JL — We have many stealth developments/work in play.

Q39 — Are you guys planning to provide loan in fiat with crypto collateral with the new bank parter? Will the SXP be used to pay interest?
JL — We are planning to launch Swipe Credit. That’s all i can say there at the moment. 🙂

Q40 — Are Swipe cards prepaid cards? As I learnt from using a Crypto.com card, prepaid visa cards are not accepted everywhere or for all kinds of payments. Some examples are things like car rental. I really would like a card that is not prepaid so it can truly be accepted everywhere.
JL — Swipe cards in EU/UK/US run on a DEBIT BIN not Prepaid BIN like some other competitors.

Q41 — First of all thank you so much for doing the AMA we really appreciate your time and all that you have done so far here my questions

1. I know you cannot comment on the price but it went from five dollars to one dollar, so what can you tell the investors for the short term that it’s going to be OK and what new things can we expect that would help grow the model and bring back faith.
2. what new big products are to be released in the near short term and when can we expect then how do you predict we will be closing out the year 2020?
3. What plans do you guys have with Rebtel and when can we see those plans coming to fruition?
4. 2020 has been great for us but why do you think we will be by next year same time?
5. What’s new with swipe and coinbase ? Any new updates or progress ?
Thank you so much for doing this Amy we really appreciate what you’re doing and all that you’ve put in so far. Godspeed!!

Please answer

JL — 1. No comment, Swipe policy
2. Please refer to the Swipe product manual for this.
3. Not sure what Rebtel is.
4. We are in the early stage of a crypto bull-run (my opinion — not investment advice)
5. No comment — NDA policy

Q42 — Appreciate your answers and grateful for all that you do for us! ♥️ Do you think the African region will be included after the other regions you spoke about?
JL — Yes for sure, we are working on this in parallel, we will update once we have something secured/concrete.

Q43 — Is there any plan to increase more fiat currency in swipe wallet in order to let people purchase crypto in different currency?
JL — Yes very soon

Q44 — What parameter in Venus can be changed by swipe holder governance.For example, can we add some fee to benefits SXP/XVS holder, or can we vote for getting higher APR if we holding XVS/SXP?
JL — We will release docs on this shortly. Very similar to Compound (forked remember)

Q45 — When will you start taking Latin America into account to launch your products here? We are a large market and we are very interested in being able to use Swipe cards and their benefits in cryptocurrencies.
JL — We are actively working on this. It has not gone forgotten.

Q46 — When will the US slate cards be issued and do the virtual cards have the same tiers?
JL — Yes, USA cardholders get a temporary virtual card that can be paired with Apple Pay, Google Pay, Samsung Pay, until physical ships. Here are the limits: https://swipe.zendesk.com/hc/en-us/articles/360014225037-What-are-the-fees-limits-associated-with-the-Swipe-Card-in-the-US-

Q47 — Will the platform that you mentioned a few months back regarding they will issue there powered by sxp card could you expect that to take place before end of q4?
JL — No comment

Q48 — Anything exciting we can look forward to coming up this month in regarding swipe example more partnerships, products etc…?
JL — No comment

Q49 — When swipe card comes to Canada, will the Google and apple pay be available as well? Is there an ETA on this?
JL — Q4-Q1

Q50 — Do you expect Swipe to be marketleader in the market?
JL — Yes

Q51 — I thought Swipe Credit was already included as Venus Protocol. Won’t these clash with each other?
JL — No they won’t we have already mapped these out.

Q52 — Will the swipe app be the hub of all product offerings?
JL — Yes

Q53 — Can you expand a bit on the LendFi project it’s very buggy and offers little to no support
JL — LendFi is a beta product at this time, we plan to make some major updates/changes to it shortly to improve UX

Q54 — Is swipeX being developed in parallel right now or has priority shifted a bit while Venus/defi/LendFi are focused on?
JL — Yes

Q55 — Is a Swipe app re-development in the pipeline? As you may know from some feedback on socials, it’s not the most intuitive or highly functioning app at this stage.

JL — Yes

Thank you everyone for your time. Back to business. Enjoy your days/evenings.