Switcheo Network, the first non-custodian cryptocurrency exchange on the NEO blockchain, has gone live on Ethereum. The launch, dubbed Callisto, has made Switcheo the first non-custodian exchange to support both NEO and Ethereum blockchains.
Unlike most non-custodian exchanges, Switcheo is recognized for its intuitive user interface, allowing new traders to onboard themselves easily. Co-founded by traders – Ivan Poon, Henry Chua and Jack Yeu, Switcheo began as a solution to the common problems of centralized exchanges — Security, User Anonymity and Trust.
“Switcheo Exchange was built to facilitate the transfer of digital assets across different blockchains securely without a trusted third party,” says Switcheo’s Chief Executive Officer, Ivan Poon.
The exchange has come a long way since their successful launch on the NEO blockchain March this year, where daily trading volume peaked at $3 million USD, with over 25,300 traders.
“The rollout of Callisto is a significant milestone for us. Our users can now trade on two different blockchains while retaining ownership of their funds,” explained Poon. “They will no longer need to create trading accounts on different exchanges, thus lessening their risks of getting hacked”
Switcheo’s integration unto Ethereum signifies the beginning to a new era.
“We are currently in the development phase of enabling blockchains’ interoperability to activate cross-chain trading,” shares Poon. “Because each blockchain runs on its own unique protocol and, there is no current technology that facilitate their interaction with one another.”
With no predecessors, Switcheo’s innovation will be the first of its kind in the blockchain industry. Poon further reveals that Switcheo will build a specialized blockchain to facilitate trustless cross-chain transfers in the future.
Switcheo’s evolution to cross-chain integration through building its own blockchain will ultimately put them head-to-head with larger centralized exchange, having the potential to challenge conventional financial institutions through its ability to list tokens across multiple blockchains on a single non-custodian exchange.
Following the launch, Switcheo will list over 22 new trading pairs, including tokens from notable Ethereum projects such as the stable-coin Maker (MKR), OmiseGO (OMG), Basic Attention Token (BAT) and more.