The explosive price of LINK is not in any way deterring Swipe from its march to decentralization. On August 14, 2020, reports emerged that the Swipe wallet and crypto debit card platform has integrated with Chainlink data oracles to enhance the accuracy of reward issuance and token burns.
Joselito Lizarondo, Swipe CEO said that Chainlink’s decentralized price feeds will offer more accurate and fair token conversion prices for the users. It is an important step towards wider decentralization:
“This is important for 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.”
Lizarondo told reporters that the rising price of LINK is not a major concern. However, he acknowledged that “there is a fee structure,” without disclosing the details. The consumers of Chainlink data are expected to pay with LINK tokens for their data calls.
The Swipe CEO did not disclose the statistics about debit card transaction volumes. He only said that they have over half a million users. He also said that since his competitors do not disclose their numbers, he does not want to give them an advantage over his company.
Binance crypto exchange is the majority owner of Swipe. However, Lizarondo said that the company has preserved its operational independence. Swipe is also seen to have an interesting philosophy toward digital assets custody. They employ two major custodials which include BitGo and Coinbase Custody.
Lizarondo explained that it is dictated majorly by both necessity since Coinbase is yet to support Swipe’s native token SXP and a growing 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.”