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….”

TRON (TRX) Becomes Available for Trading to eToro's 10 Million Users

On Monday (March 25), leading social trading platform eToro, which has over 10 million registered users, announced that it had added support for TRON (TRX).

eToro, which calls itself "the world’s leading social trading network", was born in January 2007. Perhaps, the best example of eToro's social trading tools is "CopyTrader", which "enables clients to automate their trading by allocating some of their funds to replicate another investor’s activity and copying every move they make in real time."

Although eToro had allowed trading in Bitcoin (via CFDs) as early as 2013, it wasn't until 2017, when it became possible to directly trade and invest in Bitcoin, Ethereum, Litecoin, and other popular cryptoassets.

With today's announcement, TRON (TRX) becomes the 15th cryptoasset be listed on eToro (the others are Bitcoin, Ethereum, Bitcoin Cash, XRP, Litecoin, Ethereum Classic, Dash, Stellar, NEO, EOS, Cardano, IOTA, Binance Coin, and Zcash). It is worth noting that "TRX will also be added to eToro’s CryptoPortfolio, which enables investors to diversify across all available crypto-assets (weighted by market cap) with just one click."

Mati Greenspan (@MatiGreenspan on Twitter), Senior Market Analyst at eToro, explained to CryptoGlobe why eToro had decided to add support for TRON:

"Tron has been one of the most highly requested cryptos from clients looking to trade it on our platform, so we are very proud to provide it today."

Yoni Assia, co-founder and CEO at eToro, stated: 

“TRON is making fast progress towards lofty ambitions, and has rightly garnered the attention of the crypto community. Given the relative youth of blockchain technology, investors in crypto-assets are investing in big ideas and seeking out companies that execute on big ideas. Tron certainly ticks that box. At eToro we look to offer investors access to crypto-assets that already have some clear success behind them.”

As for Justin Sun, the founder and CEO of TRON foundation, this is what he had to say:

“With our listing on eToro, we’re giving TRX holders another great platform on which to manage their assets. These steps will help grow the blockchain community and expand our reach around the world.”

 

Featured Image Courtesy of eToro