NEO Invests in Switcheo DEX

NEO Invests in Switcheo DEX

Switcheo (SWTH), the decentralised exchange (DEX) that provides a cross-chain trading platform for EOS, NEO and Ethereum based tokens, have received an equity investment from Neo’s Eco Fund via the EcoBoost initiative. Although the sum involved has not been disclosed, the deal will see a strengthening of mutual support between the blockchain and the DEX.

As of 11 February 2020, part of the arrangement will involve Neo establishing a price floor at which the Switcheo token (SWTH) can be redeemed for Neo GAS tokens. On the same date, with the SWTH/GAS market established, the DEX will begin accepting the GAS token in payment for trading fees.

Aligned Vision

In the official press release, Neo’s founder, Da Hongfei, said “Neo and Switcheo are aligned in their vision of supporting an open community that builds upon the decentralised ethos of blockchain technology,” and, as the preferred DEX on the Neo blockchain, the two would work in tandem to maintain a robust developer ecosystem.

Switcheo’s CEO and Co-founder, Ivan Poon, states the strategic partnership has come at “…an exciting time for Switcheo with several new projects in the pipeline…” and it will “…further strengthen the Neo community and set the stage for Switcheo’s up-and-coming decentralised finance products.”

Launched in a modest initial coin offering (ICO) in March 2018 raising around $8.7 million, Singapore-based Switcheo integrated with Kyber Network at the end of last year to provide added liquidity and increase trading activity for Ethereum tokens.