The Switcheo OTC, which is very new crypto to crypto together with over the counter trading platform is soon being launched, is making good news for the market as it promises to offer easier trades being made within the market.
— Switcheo (@SwitcheoNetwork) February 28, 2019
The Switcheo OTC has been designed to leverage on the trustless smart contracts that are on the NEO and the Ethereum. Thus, it will be able to easily allow different users to efficiently execute the peer to peer trades while still having about zero counterparty risk and not forgetting the super low fees on the platform.
Just to ensure that many users get attracted to using the new platform the company has ensured all the OTC trades that are done will have a 0% trading fee for the very first month. After this, as a trader, you could opt to use the SWTH tokens to enjoy the discount fees.
It Has Been Made To Be Flexible, Fast And Secure
The Switcheo OTC has also been made a fully non-custodial platform that is able to execute your trades transparently and immediately they are received. The tokens that are used on the Switcheo OTC are drawn from the same smart contract balance that is similar to the primary exchange; all this is to ensure they have given the traders a frictionless experience while on the platform.
The platform will first be launched with a limited number of tokens which will also be restricted to trading within some of the blockchains in the market. Once the NEO V3 update takes place, the company is planning on expanding the offering to all the compatible NEP-5 and ERC-20 tokens that are in the market. This is also including those that have not been put on the main order books of Switcheo.
Additionally, the company has gone a step ahead to have the cross chain trades done on the OTC to be enabled after the launch of the automatic swap capabilities.
With all the developments that the system has undergone the company hopes that the Switcheo OTC will be a useful tool that will be used by the crypto-coin owners. Especially the investors who need to execute the large trades off the order books. Or they merely need to efficiently complete a peer to peer trade of the tokens that are not listed on the platform.
With the new cryptocurrency exchange trading system, these types of trades will be carried out without having to compromise the security level. As the company has ensured no middleman custodian is involved, and there is also no risk of having a counter-party not being able to deliver the needed tokens.
On 4TH March 2019 is when the public beta of the platform will come to you, so ensure to stay tuned.