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Corporation
MOBILE & TELECOMMUNICATIONS | Mobile Software & Services / Social
goswych.com

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Stage

Corporate Majority | Acquired

Total Raised

$4.91M

About SWYCH

SWYCH offers a mobile platform which allows distribution of digital gifts that can be instantly delivered internationally and can be redeemed by the recipient at a local retailer of their own choice on the SWYCH app.

SWYCH Headquarter Location

555 Republic Drive Ste 200

Plano, Texas, 75074,

United States

972-665-8691

Latest SWYCH News

These Companies Are Aiming To Be Ahead Of Their Competitors By Accepting Crypto Payments

Feb 22, 2019

Crypto & Blockchain I write about crypto and blockchain and the changes they are making. Share to facebook Shutterstock The crypto industry continues to gain speed. What may have started as a vague idea 10 years ago has since grown into a multi-billion dollar industry. With it, the number of companies accepting cryptocurrency payments has also increased. Of course, while it's hard to determine how many people actually use crypto for day-to-day purchases, the fact that this is a viable payment option across a number of companies indicates the direction for businesses in being ahead of the game. Propy , a real estate marketplace, and Swych , a mobile gifting platform, are just a few of the companies that have started accepting crypto payments from its users. Cryptocurrency offers some interesting possibilities, especially where value is transferred seamlessly and instantly without the need for third parties, said Deepak Jain, CEO of Swych. Apart from paying each other, consumers frequently pay merchants for all sorts of expenses, whether it be shopping, dining out, booking a travel experience, or buying a gift card for someone's birthday. With 600+ partnered retailers to choose from including Banana Republic, Bed Bath & Beyond, Best Buy, Gap, Kohl's, Macy's, Nike and Target, Swych is hopeful that it can make the acceptance of crypto payments become an established payment method similar to Visa or Mastercard and even digital wallets such as Apple Pay or PayPal. For Propy, who have started accepting crypto to remove lengthy bank lead times and sizeable fees, there is a significant population of crypto rich spread throughout the world, whose diversification needs are best served by real estate assets, according to Natalia Karayaneva, CEO of Propy. "These folks are international-minded when searching for the best locations to purchase investment properties and part of the reason is the ease of cross-border fund transfers cryptocurrencies afford," Karayaneva added. Propy, which has properties in Barcelona, Dubai, London, Los Angeles, Moscow, New York, Prague and San Francisco, believes it's well placed ahead of its competitors due to its understanding of all the "parameters involved in a property conveyance anywhere in the world, including all the possible methods of payment - crypto or non-crypto," she said. To date, the platform has had requests to buy properties in bitcoin, ether, binance coin and XRP and has added these methods of payments. It's had transactions conducted in bitcoin and ether. Instead of transactions taking three to seven days with fiat, cross-border transactions in XRP, for instance, takes seconds and a maximum of 10 minutes for transactions using bitcoin or ether, Karayaneva said. From December 2017 through to February 2018, Propy noticed a rise in the number of crypto buyers compared to previous years. The bull market of 2017 no doubt helped this along, but even though the industry struggled for most of 2018, Karayaneva explained that this isn't impacting people's interest in crypto real estate. During the past two months, we have had tens to hundreds of agents in the Bay Area alone signing up to be crypto certified, she added. That's not a struggling market, but a developing one. Will you be buying your next property in crypto? Shutterstock Hesitant Retailers Even though a significant number of retailers accept crypto, including CheapAir, Expedia and Overstock, there are countless more who remain hesitant. According to Jain, this is down to the "misconceptions surrounding cryptocurrencies." "The public has been led to believe that crypto payments are attractive for bad actors and criminals to use as ways to launder their wealth," he added. "Retailers are concerned about the volatility of most cryptocurrencies which could risk profit margins and pose challenges to systems that were designed to mostly accept a largely stable form of fiat currency." For Karayaneva, the presence of established crypto payment processors doesn't mean it's a simple process of signing up and using one. Not only that, but the increased regulatory complexity in the US compared to other jurisdictions can be a difficult hurdle for retailers to scale. In addition, comprehending the nature of crypto and the underlying infrastructure - blockchain - is quite difficult and as a result, it requires a leap of faith from the retailer, even for those retailers who appreciate the size of the crypto holders' market, she added. Despite these concerns, though, Jain is of the opinion that as adoption of crypto grows, more people will be keen to get involved in the space. As a result, retailers who remain sitting on the fence will have to take the leap to offer crypto payments to their consumers who are looking to spend their digital assets. "There are some very interesting developments in the space aimed towards making significant headway in order to facilitate the payment of crypto," he added. "There is an incredible amount of innovation happening that will continue to drive more progress."

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Expert Collections containing SWYCH

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

SWYCH is included in 2 Expert Collections, including Payments.

P

Payments

1,614 items

Companies and startups in this collection enable consumers, businesses, and governments to pay each other - online and at the physical point-of-sale.

F

Fintech

26,163 items

US-based companies

SWYCH Patents

SWYCH has filed 1 patent.

The 3 most popular patent topics include:

  • Credit cards
  • Google services
  • Mobile payments
patents chart

Application Date

Grant Date

Title

Related Topics

Status

5/31/2016

Mobile payments, Payment systems, Units of information, Google services, Credit cards

Application

Application Date

5/31/2016

Grant Date

Title

Related Topics

Mobile payments, Payment systems, Units of information, Google services, Credit cards

Status

Application

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