Swipe aims to bring the highest level of safety and security for our users and their digital assets/currencies they store on our platform. We understand that these concerns in our industry are warranted and Swipe has taken the necessary steps to build confidence in our platform. Today, we are pleased to announce that Swipe has added BitGo as a custody provider to help securely store digital assets including Swipe Token (SXP). In working with BitGo, our customers will have access to an institutional-grade qualified custodian that carries $100 million in insurance.
With this new strategic relationship BitGo also provides additional security for Swipe’s corporate funds as each transaction requires a multi-sig approval. The use of a multi-sig approval system decreases risks of hacking or having keys stolen. It also allows for an emergency backup key that can be used to access funds should BitGo become insolvent or cease to exist. In addition, this approach allows a final approving authority to approve transactions (possibilities include arbitration, CFO signatures, business owner approvals, etc).
Custodial assets held completely by either BitGo, Inc. or BitGo Trust Company are insured for up to $100 million through insurance group Lloyd’s. The assets will be covered for third-party hacks, physical loss or damage of private keys, insider theft by employees and other hazards. At the end of 2017, Lloyd’s had about $44 billion in gross written premiums. The insurer has a presence in nearly 200 countries and is one of the world’s largest insurance and reinsurance marketplaces.
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 million locations worldwide. The platform is powered by Swipe Token (SXP) that serves as the platforms fuel 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.