Switcheo, a decentralized cryptocurrency exchange built on top of NEO that offers both ERC-20 and NEP-5 tokens, has recently announced the launch of a fully non-custodial over-the-counter (OTC) trading desk.
According to the exchange’s announcement, the OTC desk will leverage Switcheo’s smart contracts on both Ethereum and NEO to let users execute peer-to-peer trades with no counterparty risk and low fees.
The offering is set to initially launch with a limited number of tokens, as more will be added once the NEO 3.0 update goes live. By then, compatible ERC-20 and NEP-5 tokens are set to be tradeable and, in the future, cross-chain atomic swaps are also planned.
— Switcheo (@SwitcheoNetwork) February 28, 2019
To get traders on board, Switcheo has revealed all OTC traders will have no trading fees during the first month. Switcheo was notably NEO’s first decentralized exchange, and seemingly the first decentralized trading platform to have both ERC-20 and NEP-5 tokens.
Earlier this year the cryptocurrency trading platform started previewing a centralized-style unified account system, to make it easier for traders to use its decentralized platform. At the time, the team behind the platform noted that “even if Switcheo Exchange ceases to exist, users can be confident that all funds are recoverable with only their backup phrases.”
Its Switcheo Token (SWTH) is at press trading at $0.0035 after falling about 0.6% in the last 24-hour period. The cryptocurrency, which gives traders discounts on the platform’s trading fees, has been coming down from a $0.05 all-time high.