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.

The Swiss Warm to Crypto Investments

The Swiss are shifting more focus to cryptocurrency investments. This is according to a survey taken on behalf of Migros Bank, which revealed that a growing proportion of Swiss residents are invested or actively looking to invest in cryptocurrencies.

The survey which was conducted by market research institute Intervista showed that 7% of savers between the age of 18-55 already hold cryptocurrencies such as ether and bitcoin. Even more encouraging was the finding that 7% of those aged between 30 and 55 plan to extend their crypto portfolios in the future.

Unsurprisingly, the survey found younger participants to be the most bullish on the long term prospect of crypto. According to 13%, aged between 18 and 29, cryptocurrencies will become more "important" in the future.

Less extraordinary were the results of the older generation. Per the survey, respondents aged over 55 were much less likely to own cryptocurrencies, and only 0.5% thought that it was a worthwhile long term investment. 

Switzerland Ups the Ante on Crypto Regs

This uptick in demand for cryptocurrency comes just after Switzerland imposes more stringent crypto regulations. 

Jumping off recommendations issued within both the Financial Action Task Force (FATF) guidance and the EU's 5th anti-money laundering directive (5AMLD), the Swiss Financial Market Supervisory Authority, or FINMA, recently opted to tighten their travel rule.

The rule, which requires crypto firms to disclose customer information for transfers above $1,000, was initially set by FINMA at a threshold of $5,000 (5,000 CHF) but has since lessened to just $1,000 per the FATF and 5AMLD directives. 

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