Decentralized Crypto Exchange Switcheo Adds USD-Pegged Trading for NEO

via Switcheo

Switcheo, a decentralized exchange built on NEO (NEO), is in the process of adding USD quoted markets using the SDUSD stablecoin through a partnership with Alchemint.

According to a recent announcement, Switcheo has started by listing NEO/SDUSD and plans to roll-out more trading pairs for tokens which have strong liquidity. SDUSD is a smart contract-based stablecoin that is issued by Alchemint on the NEO blockchain and carries a 1:1 peg with the USD.

As part of the SDUSD launch, trading pairs for GAS and SWTH have been halted and will be removed entirely January 3.

This news comes roughly a month after Switcheo listed 19 new ERC-20 tokens after launching its Callisto protocol update for interoperability a week prior. The launch of Callisto made Switcheo the first non-custodian exchange to support both the NEO and Ethereum blockchains.

Switcheo’s SWTH token is currently down 17.3% to $0.004037, giving it a market cap of $2.1 million.

More: USD Pairings for NEO launches on Switcheo Exchange

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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