— Switcheo (@SwitcheoNetwork) February 28, 2019
According to the announcement, Switcheo OTC will leverage the exchange’s already established trustless smart contracts on Ethereum and NEO, allowing users to securely execute peer-to-peer trades with no counterparty risk and low fees.
Switcheo OTC is fully non-custodial and the tokens used in the OTC trades will draw from the same contract balance as in the main exchange. The offering will first launch with a limited number of tokens and will be restricted to inter-blockchain transactions. This will change after the NEO 3.0 update, expanding to all compatible ERC-20 and NEP-5 tokens.
As we recently highlighted in a Premium article, Switcheo is unique in that it isn’t focused solely on digital assets built on top of NEO, but instead, is focused on enabling blockchain interoperability to activate cross-chain trading. Cross-chain OTC trades will be available following the launch of Switcheo’s atomic swap capabilities.
SWTH is currently flat on the day, trading for $0.003535 with a market cap of only $1.85 million, making it orders magnitude smaller than other exchange tokens.
The public beta for Switcheo OTC will begin on March 4.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.