Jack Yeu Reveals Switcheo Will be the First ETH/NEO Trading platform

  • First ever decentralized exchange based on NEO to offer integrate features to support both ETH and NEO trading systems
  • Switcheo Network currently has 37 active trading pairs

Switcheo Network co founder Jack Yeu has announced that the NEO-based DEX platform is set to become the first ever ETH/NEO trading platform, offering services to support both frameworks with an all new trading interface and a new ERC-20 non-custodian trading platform to support Ethereum-based tokens.

New Switcheo Interface

In a blogpost, Yeu explained that the new Switcheo DEX platform will improve on its already intuitive nature by adding new features to boost user trade efficacy, including a new wallet manager that will enable users to manage and trade their tokens and digital assets across blockchains seamlessly.
He revealed that in the runup to the launch of the new platform over the coming few weeks, Switcheo will carry out periodic previews of the improvements and new features that will come with the update. According to Yeu, the changes and improvements were made in response to requests and feedback from active users and members of the Switcheo community.

He explained:

Many of the changes made have been requested by our most active traders, and we are confident that this update will be very well received by all users.

Switcheo’s Growing Profile

In April, CryptoGlobe reported that Switcheo went live as the first decentralised exchange on the NEO blockchain, reportedly seeing a $2 million daily trading volume during its first week alone. After raising about $8.5 million in its ICO, Switcheo’s developers promised to devise a framework for implementing cross-chain functionality, which seems to be taking place now.

When the update goes live, holders of NEP-5 tokens based on NEO will be able to interact seamlessly with ERC-20 token holders, effectively forming a cross-chain link between Ethereum and NEO. Currently, there are 37 live trading pairs on the Switcheo platform, including trading pairs with NEO, GAS and its native SWH token.

First Stablecoin Trading Pair Goes Live on Binance DEX

Venture capital backed blockchain startup Stably, the issuer of USDSB, the first stablecoin to be launched on Binance Chain, has announced that a trading pair for USDSB is going live on Binance DEX today (June 24).

Seattle-based Stably was co-founded by Kory Hoang (Chief Executive Officer), a former Private Equity Data Analyst for PitchBook, David Zhang (Chief Technology Officer, who used to be a Software Development Engineer at Amazon, Amiya Diwan (Chief Product Officer), also a former Software Development Engineer at Amazon, and Bryan Guy (Chief Legal Officer), who is a licensed attorney.

Stably announced on 1 November 2018 the early access launch of its pegged and fully dollar-collateralized stablecoin, StableUSD (USDS), which had first been launched on the Ethereum mainnet on 16 August 2018. Stably said at the time that the fiat reserves were held in FDIC-insured escrow accounts managed by custodian Prime Trust, and that a leading accounting firm, Cohen & Co., would be conducting weekly attestations for these fiat reserves. 

Then, on 1 February 2019, USDS got listed on Binance's centralized exchange (Binance.com), and two trading pairs for it—BNB/USDS and BTC/USDS—went live on 5 February 2018.

Later that month, trading pairs to support trading USDS against four other stablecoins—USDT, USDC, PAX, and TUSD—became available on Binance.com.

On March 18, Stably said that USD had received support from Binance's over-the-counter (OTC) desk. Kory Hoang, the Stably CEO, had this to say at the time:

“Partnering with Binance OTC allows us to provide even more liquidity to trading shops who want to move large amounts between major cryptocurrencies and USDS."

In a blog post published on June 3, Stably announced it was going to issue StableUSD on Binance Chain, and that USDSB, a BEP-2 token, would become the first stablecoin on Binance Chain. Mahraan Qadir, Director of Product Management at Stably, went on to say:

Building on Binance Chain provides many benefits for stablecoin users, such as improved security, ease of use, and speed of transaction. This makes USDSB one of the fastest major stablecoins on the market, with one-second block confirmation time and the ability to process several thousands of transactions per second."

He also said:

Expanding onto Binance Chain will also allow the Stably team to eventually submit a proposal to list USDSB on Binance DEX, an initiative that we are planning to achieve in the coming weeks. If it is approved by the validators and gets listed, USDSB will become the first stablecoin to launch on Binance DEX..."

Well, now, three weeks later, we find out via another blog post by Qadir that USDSB has indeed been listed on Binance DEX and that trading pair BNB/USDSB is going live today on Binance DEX (expected to happen aat 10:00 UTC). Furthermore, he says that Stably is "planning to list USDSB with additional assets on Binance DEX very soon."

Also, according to Qadir, today, two trading pairs for USDSB are being launched on Binance.com: USDSB/USDT and USDSB/USDS.

Featured Image Courtesy of Binance