Switcheo, NEO’s First Decentralized Exchange, Lists 19 ERC20 Tokens

Colin Muller

Switcheo, a NEO-based decentralized exchange (DEX) launched earlier in the year, has added 19 popular Ethereum-based ERC20 tokens to its platform forming new trading pairs, the exchange recently announced on its Medium blog.

This news makes good on Switcheo’s earlier announcement that it would begin supporting ERC20 tokens, which CryptoGlobe reported on in September. The Singapore-based exchange now offers 44 exchange pairs in total, paired against NEO, GAS, its native SWTH token, and ETH tokens, according to data from CryptoCompare. The new listings follow on the launch of the inital Ethereum integration, only weeks ago, dubbed Callisto.

Although moving a respectable $2 million worth of daily volume back in April when the DEX first launched, Switcheo is now posting a paltry $82,000 in daily volume, perhaps reflecting the leaner times hitting the cryptoasset industry during 2018. Most of the tokens listed are on the newer/smaller side - but there are a couple of bigger names such as Kyber Network token (KNC), NEO itself, and the fairly new USD Circle (USDC) centralized stablecoin.

Switcheo does not have any know-your-customer (KYC) requirements. A rival ERC20 DEX, IDEX, was recently accused of implementing such policies, although there is apparently no evidence to support this accusation.

DEXs On Notice

The biggest bombshell in the DEX space as of late must be the US Securities and Exchange Commission’s (SEC) prosecution of the creator of one of the oldest Ethereum DEXs, the no-frills EtherDelta exchange. The charge was operating an unregistered securities exchange, as some ERC20 tokens were considered such.

Zachary Coburn, the founder, settled and paid nearly $400,000 in fines to the SEC without admitting guilt, which was received by some as a controversially chilling message to DEXs.

A recent innovation concerning the DEX space is the Wrapped Bitcoin (WBTC) project, which utilizes Kyber Network functionality to join bitcoin and Ethereum tokens in a smart contract so as to allow bitcoin to be traded on Ethereum-powered DEXs.

CryptoGlobe conducted an interview with KNC CEO Loi Luu last month, where he said WBTC would bring the “best of both worlds: bring the most popular cryptocurrency [BTC] to Ethereum and allow it to be programmable….”

Gemini’s Winklevoss Twins Buy NFT Platform Created by Identical Twins

Digital asset exchange Gemini, which was founded in 2014 by the famous Winklevoss twins, announced on Tuesday (November 19) the company's first acquisition: a trading platform for non-fungible tokens (NFTs).

What makes this deal even more interesting is that Nifty Gateway™, the startup bought by the Winklevoss brothers, was founded by identical twins Griffin Cock Foster and Duncan Cock Foster!

In a Gemini blog post published earlier today, Tyler Winklevoss, the CEO of the Gemini exchange, first explained what NFTs (aka "nifties") are:

"What is an NFT? NFTs — also known as 'nifties' — many of which follow the ERC-721 standard for tokens, are cryptographic tokens that represent a unique asset or good on the blockchain. Nifties differ from fungible cryptocurrencies like bitcoin in that each nifty is one-of-a-kind and, therefore, not interchangeable. As a result, nifties are the perfect digital, form factor for crypto-collectibles, crypto-art, and much more."

He then went on to say why Gemini decided to expand into NFTs by acquiring Nifty Gateway:

"As part of our mission to build the future of money, we are building bridges into these new digital economies. To that end, we have purchased Nifty Gateway™, a popular platform where you can buy and manage non-fungible tokens (NFTs)... Nifty Gateway provides a simple and easy way to buy nifties with your credit or debit card... Duncan and Griffin’s passion (quite frankly 'obsession') for nifties, crypto, and building intuitive products made them the perfect fit for the Gemini family."