Switcheo to launch peer-to-peer OTC trading option for unlisted tokens

Switcheo platform, a decentralized exchange built on NEO blockchain and which will enter public beta on Monday next week, is launching a new crypto-to-crypto and peer-to-peer over-the-counter trading platform known as Switcheo OTC. This was announced on their medium page. 

The OTC-trading desk will support peer-to-peer trading of tokens not listed on the crypto exchanges or trades done off the main order books.

All the traders trying the platform will pay 0% fees for the first month and later on enjoy fees discount when they use SWTH token, which is a Switcheo platform token. The platform will therefore act the role of connecting traders to their token partners, market makers and institutional investors for peer-to-peer OTC trading. On the platform, a trader can find counter-parties from whom they can buy or sell large quantities of digital tokens.

It uses smart contracts on Ethereum and NEO such that users of the two blockchain networks can perform peer-to-peer trades with zero counter-party risks and super low fees. First, it will restrict traders to trading a particular restricted set of tokens and they will first be able to trade with each other within individual blockchains but after their NEO V3 smart contract is updated, they will allow the trading for all ERC-20 and NEP-5 tokens including those not in the main Switcheo order books.
They will also later on enable cross-chain OTC trades once the platform starts supporting atomic swaps.

David Kariuki

David Kariuki likes to regard himself as a freelance tech journalist who has written and writes widely about a variety of tech issues that affect our society daily, including cryptocurrencies (see cryptomorrow.com and coinpedia.org); climate change (cleanleap.com), OpenSim and virtual reality (see hypergridbusiness.com). He is currently pursuing a MSc in Environmental Management at Open University. He does write here not to offer any investment advise but with the intention of informing audience, and articles in here are of his own opinion. Anyone willing to use any opinion here as advise to invest in crypto should obviously take own responsibility and accountability of their losses (or benefits) thereof. You can reach me at eqariu@gmail.com or david@cryptomorrow.com

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