Since its inception, the major objective of Swipe has been to provide our users with the highest level of security with regards to their digital assets/currencies that they hold/store with us on our platform. Swipe understands that these security concerns in the crypto-currency are often under scrutiny, hence Swipe has decided to take important steps in order to build the dependability in our platform.
Today, Swipe organization is pleased to announce that the company has added BitGo, as a custody provider, which will help us to securely store our user’s crypto assets including our native Swipe Token [SXP]. The current collaboration with BitGo will not allow our customers to have access to an institutional-grade qualified custodian that carries over $100 in terms of the insurance.
Swipe’s partnership with BitGo would introduce a fresh strategic-partnership that will provide Swipe’s corporate capital with enforced security measurements, as each transaction will not require a multi-signature approval. The risk of hack or keys getting stolen dramatically decreases with the use of a multi-sig system. The system would also include an emergency back-up key that can access in the worst-case-scenario, that BitGo may goes offline or cease to exist. Additionally, the implementation of this system would allow a final approving authority to look-over transactions before it undergoes confirmation [including arbitration, CFO securities, business owner approvals, etc].
BitGo, Inc. or BitGo Trust Company, which are insured for up to $100 million via insurance company Lloyd’s, will be in charge of handling the custodial assets. The insurance will be covering the assets for hacks during to foreign-party, physical damage or loss to private keys, and other problems. Lloyd’s has an impressive track record as at the end of 2017, the company boasted around $44 billion in terms of gross written premiums. The insurance company has a substantial presence in over 200 nations and it is considered one of the largest insurance entities in the industry.
Swipe is a digital wallet application that enables users to buy, sell, and pay with their cryptocurrencies. The Swipe Wallet is also a fiat on/off ramp for users around the world. Swipe Wallet is also coupled with the Swipe Debit Card that allows our users to spend their cryptocurrency in real time at over a million locations worldwide. The platform is powered by Swipe Token (SXP) that serves as the fuel of the platform and is required to process transaction fees on the network. SXP can also be spent to fiat currency, used to redeem digital gift cards, used for higher membership debit cards, discounts on fees on the platform, and enhanced rewards.
BitGo is the market leader in digital asset financial services, providing institutional investors with security, compliance, custodial, and liquidity solutions. BitGo is the world’s largest processor of on-chain bitcoin transactions, processing 15% of all global Bitcoin transactions, and $15 billion per month across all cryptocurrencies. The company supports over 100 coins and tokens and has over $2 billion in assets in the wallet. BitGo’s customer base includes the world’s largest cryptocurrency exchanges and spans more than 50 countries. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo is backed by Craft Ventures, DCG, DRW, Galaxy Digital Ventures, Goldman Sachs, Redpoint Ventures, and Valor Equity Partners.