Switcheo OTC — A platform paving the way for a trustless and secure trading experience, is pleased to announce it will be launching a new crypto-to-crypto over-the-counter trading platform, with its public beta coming up on March 4th.
Until now, the ability to securely execute peer-to-peer trades of digital tokens that Switcheo cannot form a market for, has been sorely lacking.
leveraging on existing trustless smart contracts on Ethereum and NEO, the new platform will allow users to execute peer-to-peer trades with zero counter-party risk.
“We saw an increasing demand for OTC services on NEO and Ethereum and we hope that this platform can help fulfill that need in a secure manner,” said Switcheo CEO Ivan Poon.
For all traders who want to try it out, the fees are kept low, with 0% fees in the first month for all OTC trades. After that, traders can opt to use SWTH tokens for discounts on fees.
Similar to the main exchange, Switcheo OTC is also a fully non-custodial platform that executes trades immediately and transparently. The tokens used in Switcheo OTC also draw from the same smart contract balance as the main Exchange, giving traders a frictionless experience.
Switcheo OTC will first launch with a limited set of tokens and be restricted to trading within individual blockchains. After their NEO V3 smart contract update, this offering will be expanded to all compatible ERC-20 and NEP-5 tokens, including those that are not on the main Switcheo order books. Finally, cross-chain OTC trades will be enabled following the launch of atomic swap capabilities.
The company hopes that Switcheo OTC will become a useful tool for cryptocurrency owners that need to execute large trades off the main order books or need to execute peer-to-peer trades of tokens that are not listed on Switcheo’s markets.