SINGAPORE, Jan. 14, 2020 /PRNewswire/ -- Today, Switcheo announced an equity investment by Neo Eco Fund, underscoring Neo's strong community commitment through its EcoBoost initiative. Since its launch in May 2019, the Neo EcoBoost program has played a key role in accelerating the growth and development of the Neo ecosystem by providing entire life-cycle support for projects and developers, thus showcasing Neo's community-centric ethos.
In addition to investing in Switcheo, Neo is also committed to supporting the Switcheo Token (SWTH) by financing the redemption of SWTH tokens for GAS tokens to further boost confidence in the SWTH token by funding the SWTH/GAS market on Switcheo Exchange. Moreover, the price of SWTH will be supported with a price floor at a rate to be determined at a later date.
At the same time, Switcheo will deepen its support for the Neo ecosystem by allowing trading fees on Switcheo Exchange to be paid using GAS tokens instead of SWTH tokens. With this change, Switcheo will burn SWTH tokens off the market manually from fees collected every quarter. This new mechanism will provide traders with greater transparency as specialized trackers will no longer be needed to monitor burnt SWTH tokens.
As a leading decentralized cryptocurrency exchange on the Neo blockchain, Switcheo now allows trading of EOS, Ethereum, and NEO tokens as part of its promise to deliver a world-class trading experience by enabling cross-chain swapping capabilities across multiple blockchains.
"Neo and Switcheo are aligned in their vision of supporting an open community that builds upon the decentralized ethos of blockchain technology," says Founder of Neo, Da Hongfei. As the preferred decentralized exchange on the Neo blockchain, Switcheo will continue to work in tandem with Neo in maintaining a robust developer ecosystem.
"We are delighted to announce this timely partnership as it is an exciting time for Switcheo with several new projects in the pipeline. With Neo's support, this strategic partnership will further strengthen the Neo community and set the stage for Switcheo's up-and-coming decentralized finance products," says CEO of Switcheo, Ivan Poon.
Neo is an open-source, community-driven platform that is leveraging the intrinsic advantages of blockchain technology to realize the optimized digital world of the future.
Read more about Neo here.
About Neo EcoBoost
The Neo EcoBoost program was created to support developers and project participants in the Neo ecosystem. Projects and partners are invited to join the ecosystem to benefit from Neo's sturdy technical foundation, strong community presence, and years of experience in community operations. The Neo EcoBoost program will provide growth support to projects from 0–1/1-N of their project development stage.
Switcheo is the first decentralized cryptocurrency exchange on the Neo blockchain, which now allows trading of EOS, Ethereum, and NEO tokens.
Switcheo's goal is to achieve a DEX network with cross-chain swapping capabilities across multiple blockchains, with a focus on delivering a world-class trading experience in a fully trustless and decentralized environment.
Visit Switcheo Exchange to start trading tokens on Neo.
SOURCE Switcheo Network