A decentralized crypto exchange, Switcheo has announced the launch of OTC trading. OTC refers to over the counter and it is completely non-custodial. This exchange is built on NEO and offers trading of ERC-20 as well as NEP-5 tokens. It is the first decentralized exchange of NEO and first exchange to support the above tokens.
This OTC trading would allow the smart contracts of Switcheo to leverage on NEO as well as Ethereum. It would allow the customers to execute completely peer-to-peer fund transfers having no risk of involvement of the third party as well as very low fees.
At this initial stage, this OTC trading would perform functions with some selected tokens only but as the NEO 3.0 update is launched publicly, more tokens would also start supporting this OTC trading. Also, with the launch of NEO 3.0, the superior tokens like ERC-20 as well as NEP-5 would also be possible to trade over the counter. There are also plan to use this OTC trading for cross-chain swappings of tokens in the future.
The exchange has announced that all the traders using this OTC trading would not have to pay any kind of trading fees for the first month. It would allow more and more traders to participate in this trading.
Switcheo Token is currently allowing trading at around $0.0035 which fell around 0.6% since March 2, 2019. It must be noted that this digital token was at one time its highest $0.05 but in midst of the bear run that is affecting the crypto space for the last one year, it has suffered a lot. The analysts are expecting that after the launch of OTC trading, the conditions would be better for Switcheo token. Let us see how it performs in the future.