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….”

Crypto Exchange Bitfinex Attributes Unexpected Outage to ‘Connectivity’ Issues

Earlier today, February 9, Hong Kong-based cryptocurrency exchange Bitfinex went down for about two hours, at a time in which most top cryptocurrencies were moving up. To clarify the situation to its users, Bitfinex has now attributed the outage to ‘connectivity’ issues.

After the exchange went down, the company revealed via microblogging platform Twitter that its platform was unavailable to “some of its users,” but soon clarified it was unavailable to everyone.

Soon after, the exchange brought its platform back online and revealed the issue was related to “connectivity.” In a blog post clarifying the occurrence, Bitfinex claimed it understands downtime can be “incredibly frustrating,” especially during times in which the crypto market is moving a lot.

The exchange went down as LTC’s recent price jump, which saw it gain over 30% in a 24-hour period, was helping the crypto market add over $10 billion. Its post reads:

Our team identified and responded to the situation immediately and worked unremittingly to bring full service back as quickly as feasibly possible. Your safety is our top priority and we can confirm that all funds were safe during this period.

To help traders deal with the issue, Bitfinex then called all of its support staff online to handle customer queries. Per the cryptocurrency exchange, the issue has been resolved and is being investigated “to prevent a repeat.”

The incident scared various cryptocurrency traders, as some believe Bitfinex – which shares management with Tether – may be insolvent as they claim the firm doesn’t have the $2 billion USD to cover all USDT tokens in circulation.

Late last year, the crypto exchange halted fiat deposits, which saw BTC be traded at a premium of over $100 against USDT compared to the USD. After the panic caused the Bitcoin-Tether premium to hit an all-time high, Bitfinex put out a statement clarifying the situation.