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Switcheo, a decentralized exchange built on NEO (NEO), announced a new crypto-to-crypto over-the-counter (OTC) trading platform on Thursday.
We are pleased to announce #Switcheo #OTC — a new crypto-to-crypto over-the-counter trading platform. Launching soon!
Read more about this here: https://t.co/o8wTuJgsyJ#SwitchtoSwitcheo $SWTH $ETH $NEO
— Switcheo (@SwitcheoNetwork) February 28, 2019
According to the announcement, Switcheo OTC will leverage the exchange’s already established trustless smart contracts on Ethereum and NEO, allowing users to securely execute peer-to-peer trades with no counterparty risk and low fees.
Switcheo OTC is fully non-custodial and the tokens used in the OTC trades will draw from the same contract balance as in the main exchange. The offering will first launch with a limited number of tokens and will be restricted to inter-blockchain transactions. This will change after the NEO 3.0 update, expanding to all compatible ERC-20 and NEP-5 tokens.
As we recently highlighted in a Premium article, Switcheo is unique in that it isn’t focused solely on digital assets built on top of NEO, but instead, is focused on enabling blockchain interoperability to activate cross-chain trading. Cross-chain OTC trades will be available following the launch of Switcheo’s atomic swap capabilities.
SWTH is currently flat on the day, trading for $0.003535 with a market cap of only $1.85 million, making it orders magnitude smaller than other exchange tokens.
The public beta for Switcheo OTC will begin on March 4.