Multi assets digital wallet, Swipe, is launching a $16,000,000 Ecosystem Rewards Program for Binance token holders, as contained in a press statement by the firm.
The reward, which will run over a 12-week period, is geared towards promoting the adoption of Swipe products like the Swipe Network Staking and Governance.
The $16,000,000 reward program is an outcome of Binance and Swipe collaboration, the multi-currency wallet has claimed, promising to share nothing less than 333,333.33 SXP to Binance coin holders on Binance.com on weekly basis.
From 17 of August 2020, Binance will start taking snapshots of users’ BNB balances to determine the average BNB holding amount held by users on the exchange, and the holding distribution will be determined using the already laid down rules.
Users who shall be automatically included in the program must hold nothing less than 0.1 BNB.
Swipe Partners Kava Labs
Swipe has also announced a strategic collaboration with Kava Labs, in its bid to increase the usage of the USDX DeFi Ecosystem. As part of the strategic partnership, Swipe is listing USDX and KAVA and USDX.
The partnership is also in readiness for the onboarding of DeFi applications onto the Binance Smart Chain.
Already, Swipe has listed USDX and KAVA on the Swipe wallet platform giving users the advantage to acquire and sell the two digital token with their credit or debit card. These tokens can be spent in around 60 million merchants stores across the globe.
Kava launched a BNB-supported lending platform that offers Binance coin holders the biggest yield in the market. In this wise, BNB holders can stake on Kava CDP platform and draw USDX, says Swipe in a separate release.
The introduction of USDX into the Swipe ecosystem will give strength to the stablecoin world and also increase the potentials of multiple chains.
As part of the partnership, Swipe is planning to include USDX as one of its preferred stablecoins on different products that includes SwipeFi, one of the platform’s money market protocols that will soon be launched on Binance Smart Chain.
Swipe continues to increase its power across the globe. With headquarters in the Philippines, the platform operates in the United States, United Kingdom, Canada and Singapore.