LONDON, Oct. 15, 2019 /PRNewswire/ -- Swipe is proud to announce that it has established a strategic relationship with Coinbase Custody to provide a custodial solution for its Swipe Wallet client deposits. Swipe users can trust that their assets will be safe and secure when making deposits onto the Swipe Wallet application as all user deposits, from supported coins, will be stored with Coinbase Custody.
Coinbase Custody is a qualified custodian licensed as a fiduciary trust under NY State Banking Law. All digital assets that are stored with Coinbase Custody are segregated and held in trust for the benefit of its clients. Coinbase Custody has one of the world's most trusted cold storage systems which has endured years of battle-tested operations. Coinbase Custody also maintains an industry leading insurance policy on the assets it custodies.
In addition to storing client's assets in Coinbase Custody, Swipe will also be utilizing Coinbase Pro for instant crypto to fiat conversions when transactions are performed on the Swipe Card and Swipe Wallet application. This will give users instant access to pay with their cryptocurrencies at over 40 million locations worldwide, wherever Visa is accepted.
Andrew Robinson, European Head of Institutional Sales & Trading for Coinbase said: "We are delighted to collaborate with Swipe to deliver a custodial solution for Swipe Wallet deposits in our industry leading cold storage system. Through our relationship with Swipe, Coinbase will also provide exchange services which will facilitate crypto to fiat conversions for their European customers. Providing custody solutions for this emerging market and enabling users to pay with cryptocurrencies is a huge step in building mass adoption of cryptocurrency. This collaboration is another step towards Coinbase's goal of building an open financial system for the world."
Joselito Lizarondo, CEO of Swipe, said: "Coinbase Custody will bring a safe, secure, and insured custody solution for all deposits from the Swipe Wallet held with Coinbase. We are also excited to work with Coinbase Pro where we will also be able to provide real time crypto conversions for our users utilizing our Swipe Card and Swipe Wallet. Enabling these features will bring crypto to traditional payment methods and we are excited for all of our European users."
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.
SOURCE Swipe Wallet Inc