Switcheo Network, a non-custodial digital asset exchange available for ERC20 and NEP5 tokens, today announced the coming launch of Switcheo OTC — a new crypto-to-crypto over-the-counter trading platform.
Switcheo OTC will leverage the company’s existing trustless smart contracts on Ethereum and NEO, allowing users to execute peer-to-peer trades with zero counter-party risk and low fees.
To encourage users to utilize the OTC desk, all OTC trades will enjoy 0% trading fees for the first month. After this, traders can opt to use SWTH tokens for fee discounts.
Switcheo OTC is 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 seamless experience.
Switcheo OTC will first launch with a limited set of tokens and be restricted to trading within individual blockchains. After the NEO V3 smart contract update, the Switcheo team will expand this offering 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.