Switcheo platform, a decentralized exchange built on the 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 traders on 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. Later on, they will also enable cross-chain OTC trades once the platform starts supporting atomic swaps.