Swaggy is the Swag App that allows using bitcoin with a euro bank account.
The App allows obtaining an IBAN and a rechargeable card linked to the euros and bitcoin held by the user.
To obtain the App and the card, it is necessary to register with the Swag platform and activate an account.
Swaggy actually operates as a bitcoin wallet, but it is linked to a euro account. It also works as an exchange.
It allows buying and selling bitcoin, receiving, storing and sending them, as well as sending and receiving euros and making withdrawals or deposits throughout Europe.
Swag – Enrich your life is a community network offering various services, including the Swaggy App.
Swag Network in particular is a platform dedicated to those who want to “work with activities related to the promotion of SWAG MINING and SWAGGY APP products”.
In other words, it is a network marketing activity based on building a community of members who support the project and promoting the services it offers to its affiliates.
SWAG OÜ, the company of Swaggy app
The company, SWAG OÜ, is based in Estonia, but has Italian origins, and also offers packs of rentable computing power to mine bitcoin.
It also offers a so-called “Virtual office” dedicated to promoters, which allows them to get a complete backoffice to “build and manage their career effectively”.
The swagyourlife.com website reads:
“Start your independent business today and express your potential for success in the Bitcoin world”.
In other words, the network promises those who become promoters to earn money by promoting the network itself, and this makes many Swag promoters try to convince other people to join the network. This is in fact multi-level marketing, a very controversial business strategy.
The page of the official website dedicated to the Privacy Policy reads:
“Distributors may participate in other direct sales or network or multilevel marketing activities (collectively referred to as “multi-level marketing”)”.
There are even those who have speculated that it is a Ponzi scheme, particularly because the earnings would be based mainly on commissions obtained by recruiting new affiliates.
Swag’s response
UPDATE MARCH 25th – Following the publication of the article, Swag sent the following note, quoted here in full:
Tallinn, 24.03.2021 – Swag is a young, innovative company that is committed on a daily basis to building an increasingly high-performance and reliable product. It is ready to meet the needs of a growing, diversified user base with a focus on innovation. From the outset, Swag has operated with the clear intention of achieving its objectives through a twofold path. For example, by collaborating with the main operators in the sector, such as Bitriver, in order to offer a reliable, powerful and valid product. And by emphasising the concepts of reliability and transparency in parallel. This last aspect in particular is fundamental for us, because it has been established in Swag from the outset and is reflected daily in all our business decisions.
This is why it is so important for us to express our complete distance from any concept that can even be compared to the well-known “Ponzi scheme”. In fact, Swag does not involve any kind of commission on the mere recruitment of new resources, but rather promotes only and exclusively those services acquired from clients and/or promoters in its own downline. The real value of our activity is tangible, clearly identified in the asset itself, promoted by Swag and thereby a source of value.
As a matter of principle and operational choice, Swag has chosen to completely dissociate itself from the usual registration costs often required of users in multi-level marketing, thereby creating a new way of doing business.
