NEO's First Decentralized Exchange Switcheo Posts $2 Million Trading Volume in First Week

  • NEO's first decentralized exchange (DEX) recently went live, and reportedly saw a $2 million daily trading volume during its first week
  • The platform, Switcheo, has trading pairs with NEO, GAS, and its own SWH token.
  • Switcheo's developers plan on implementing cross-chian functionality.

The NEO blockchain recently saw its first decentralized exchange (DEX) go live. The platform, Switcheo, comes after its initial coin offering (ICO) raised about $8.5 million, and reportedly already saw a $2 million 24-hour trading volume in its first week.

Decentralized exchanges are nothing new, as platforms like EtherDelta and Idex allow users to trade Ethereum’s ERC-20 tokens without having to rely on a centralized company controlling their funds. Switcheo is, however, the first decentralized exchange working on the NEO blockchain, with NEP-5 tokens.

The project’s whitepaper reads:

“Centralized exchanges fall into two categories: those that accept fiat currencies (government-backed currencies), and those that do not. Switcheo will initially not accept fiat currency transfers and will first work towards a ​multi chain decentralized cryptocurrency exchange​ platform where users may perform trades of virtual tokens and assets trustlessly (i.e. without the need to trust a centralized third party).”

Switcheo whitepaper

The platform lets users to trade over 20 different cryptocurrencies, with trading pairs being based on NEO, GAS, and its own Switcheo (SWH) token. The token is currently trading at about $0.026 and is similar to Binance’s BNB. It can be used for trading fee discounts, and is subsequently buned. While Switcheo doesn’t charge any fees on deposits and withdrawals, its maker taker fee is capped at 0.5 percent.

The platform’s developers have big ambitions for the future. Per their whitepaper, they plan on implementing cross-chain functionality. The document reads:

“With the increasing popularity of projects developed on the NEO Blockchain, Switcheo will strategically start trading NEP-5 Token contracts for the NEO Blockchain first, before moving on to QRC20 Tokens (QTUM). Using the dynamic call functionality of the NEO blockchain, users will be able to list and buy tokens the moment they are available for transfer on the blockchain.”

Switcheo whitepaper

According to data from a blog post detailing the developers’ experience running the platform, Switcheo is now the fourth largest DEX, behind Ethfinex, Idex, and Cobinhood. While Switcheo is so far NEO’s only decentralized exchange, there are more to come. Projects like NEX and Aphelion are set to be launched in the future.

Santander Clarifies It Isn't Using XRP for International Payments

Spanish bank Santander has recently clarified via microblogging platform Twitter that it isn’t using the XRP cryptocurrency for international payments, but is instead using a product developed by Ripple, the firm behind the token.

Santander’s clarification came shortly after it mistakenly told a Twitter user who asked whether it was using XRP that it was using the cryptocurrency for “international payments to 18 EU countries and the USA” through its One Pay FX app.

Given the attention the tweet received, Santander clarified the very next day it was a misunderstanding, and that its One Pay FX app uses Ripple’s xCurrent technology, and not the XRP token.

In its tweet Santander linked to a press release from last year, in which it revealed it was going to use blockchain-based technology to conduct international transfers for clients “on the same day in many cases or by the next day.” Per the document, Santander was the first bank to “roll out a blockchain-based international payments service to retail customers in multiple countries simultaneously.”

As CryptoGlobe covered in March of last year, the Spanish bank partnered with Ripple to launch the One Pay FX app, which is said to rely solely on Ripple’s xCurrent and RippleNet products, not XRP. The app’s users aren’t just able to see their transactions get settled in a short amount of time, they’re also able to see how much each transfer will cost.

One Pay FX was initially available to users  in Spain, the UK, Brazil, and Poland. Over time, Banco Santander revealed it was set to roll it out to more countries throughout the world. Notably, Santander has invested in Ripple back in 2015 and 2016.

Last year, Ripple formed various partnerships to see financial institutions use its products. Among them was MoneyGram, with the goal of speeding up fiat currency settlements. It also joined a consortium of 61 Japanese banks to create an instant payments app .