-
NFL and Crypto’s Growing Entanglement - 7th December 2021
-
Gambling with NFTs and Crypto - 17th June 2021
-
What Exactly is Bitcoin Mining? - 26th April 2021
-
Cryptocurrencies Over The Past Three Years - 12th March 2021
-
Online Crypto Gambling in Canada - 3rd March 2021
-
Some Tips on Crypto - 2nd March 2021
-
Where Does Ripple Fit Into The History of Money? - 2nd March 2021
-
Bitcoin Trading Tips - 4th February 2021
-
The Top Trends In The Fintech Sector In 2021 - 29th December 2020
-
What You Need To Know When Trading Stablecoins - 19th December 2020
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.
1/5 We’re thrilled to be announcing an equity investment by Neo Eco Fund, underscoring @NEO_Blockchain’s strong community commitment through its EcoBoost initiative. https://t.co/hth2itg7vz
— Switcheo (@SwitcheoNetwork) January 14, 2020
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.