As you all know, Swaap has been the cornerstone of our platform for a while, but we cannot say that their closure came as a surprise, as we have been observing a few issues with the platform for a few months now. That has lead us to stop accepting deposits in SAP and SAPG, and to rush into restructuring our own platform to become less dependent both on their technology and their tokens. Fortunately we have moved early to start offering support to other assets and coins (such BTC, ETH, etc…), which will ultimately make us more capable on handling the news that the Swaap project’s team has decided to cease their operations.
We will continue offering support for both SAP and SAPG for a limited time, and users will have the opportunity to convert or withdraw their assets.
Our team will work to make the transition smooth to our clients, and that implies on keep on offering support to SAP and SAPG for at least a while more. Users will still be able to withdraw their tokens normally, and the option of exchanging SAP to USD will remain available and we will source the liquidity needed for that.
We will restructure our fee schedule.
Because most of our fees are charged in SAP, we will have to restructure our fee schedule to accommodate the changes, and we are currently in consultation with our legal team to determine if we should use straight USD or if we will need to work under another type of structure in order to charge our fees.
It has had an impact in our company’s financials.
Nova Bank has been a major supporter of the project since its inception, and of course that its closure brought with it some financial losses to our company, which has been the major source of liquidity to them to date. Fortunately though, we don’t expect any disruptions to our operations, as we feel capable enough to absorb these losses and just move on.
We will process a few changes to our platform to accommodate the changes.
To put it simple, unfortunately Swaap is in the core of our platform, and them ceasing their operations doesn’t change any of that. So we will have to process a few changes to our platform in order to keep it running smoothly and securely – we will do our best for it to be seamless and unnoticeable to our end-users.
We are currently working closely with Swaap to make this transition possible, and we will likely take over part of their intellectual property and technology to mitigate our losses over our investments with them.
We will keep on offering support to our users to the extent that we can, in order to mitigate any disruption that these changes will cause to them.
If you are somehow being affected by the changes we will be undertaking, we will offer you all the support you need to get through it. Just reach out via email, our via our contact form.
We also understand and anticipate that many users will be querying us about Swaap, their tokens, and their platform, and we will try to help you as much as we can, but please be aware that we will not be able to advise on anything happening outside of our platform and our company. So, if you have questions about other companies, wallets, exchanges, etc, please direct them to the Swaap team or to the companies directly.