Japanese cryptocurrency payments network Slash Vision Labs has announced that its native SVL token will launch on the top-tier crypto exchange Gate.io at the end of this month, in a move that’s designed to boost accessibility and expand its user base.
To coincide with the launch and encourage more people to buy SVL and look at Slash’s services, the company is also offering GT token holders the chance to participate in an exclusive airdrop campaign via the Gate.io Startup platform.
The SVL token is already listed on exchanges such as Bybit, MEXC and Zoomex, and the latest listing is designed to continue growing the company’s user base in Asia, where Gate.io is one of the most established crypto trading platforms.
This is in line with Slash Vision’s ambition to grow its payments network outside of its home nation of Japan. The company is best known for its Slash Payments offering, which is a crypto payment service that has been adopted by hundreds of Japanese merchants and businesses. Through its service, it’s simple for anyone to create a crypto wallet with nothing but a simple email address, and then acquire and spend cryptocurrency in hundreds of Japanese retailers.
Slash Payments is built on the Mantle Network, but it’s compatible with all major cryptocurrency tokens, including BTC, ETH, USDC and USDT. All told, it enables consumers to transact in a whopping 1,400 different cryptocurrencies. The company is taking advantage of the wider trend for cashless payments, which are spreading like wildfire in Japan. The Slash Payments app experience is comparable to using something like PayPal or Stripe in a store, and enables users to pay with their crypto by scanning a QR code.
The company launched the Slash Payments service in Japan in October 2022 and has been hugely successful, processing more than $180 million worth of transactions at over 4,000 merchants in that country.
One reason for Slash’s success is the way its app integrates simple DeFi functionality to provide added value to users. Once the user has created a Slash crypto wallet, they have the option to purchase and stake their SVL tokens in Slash Vaults. Not only do they earn interest, but they also receive veSVL tokens in return, which can be used with other DeFi applications to earn even greater rewards through yield farming strategies. By holding veSVL tokens, users can also engage in the platform’s governance, submitting proposals and voting on them.
Slash funds its staking rewards by charging a small fee on each transaction it processes, with 100% of those fees redistributed to the community.
In addition to the payments app, Slash also plans to offer a Slash Card, which is a simple debit card that users will be able to link to their Slash wallets, enabling them to spend crypto at any store that accepts Mastercard and Visa. It’s slated to launch in Japan and international markets during the first quarter of 2025.
The growing strength of Slash’s ecosystem makes the newly listed SVL tokens on Gate.io an enticing offering for users of that exchange. The company is further enhancing SVL’s appeal with an exclusive airdrop for anyone holding GT tokens, the native cryptocurrency of Gate.io.
The airdrop will run for a limited time of just 48 hours, starting on August 28 at 8.00 AM UTC and ending on August 30 at 8.00 AM UTC. According to Slash Vision, any qualified GT token holders who place a buy order for SVL tokens during that window will be entitled to receive a portion of the 3,750 GT prize pool that’s been allocated for the airdrop.
To qualify for the airdrop, Slash Vision said users will need to hold at least 10 GT tokens at the time they place their buy order. Trading of the SVL/USDT price pair will then commence at 12:00 PM UTC on August 30, just two hours after the airdrop window closes.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
