What is Switcheo?
Switcheo is the first ever decentralized exchange to run on the NEO blockhain. Today we’ve had the pleasure of speaking to Jack, the CCO (Chief Commercial Officer) to get the inside scoop on some pressing questions we needed to ask:
A few words with Jack Yeu, Co-Founder & CCO Switcheo
Where did the name come from?
Jack Yeu: The name started as switchNeo, but as our plans progressed and we decided we will have cross-chain activity moving forward, we removed the N and now we’re Switcheo!
What made you start a decentralized exchange?
Jack Yeu: So we started in November last year and launched our coin in March. There was just four of us, now there are twenty team members! We started because we were really into NEO, ICOs were relatively new so we put together a plan and launched an ICO. To be honest, one of the reasons we created a DEX on the NEO platform is so there was a place we could trade RPX!
There’s has been a lot of progress from then, to where you’re at today! What makes you different from the other DEXs though?
Jack Yeu: So other than just NEO tokens which can be traded, we are aiming to have cross-chain compatibility by the end of this year, so you’ll be able to trade any coin with any coin, regardless of what blockchain it is built on. By Q3 this year, you’ll be able to be trade with ERC20 tokens on our exchange. Our exchange is unique because it is a hybrid:
Every function on our exchange is still on-chain (decentralised), we’re just optimizing how the users experience our exchange by creating a simple to use UI and pushing our order matching off-chain, which allows for instantaneous trade confirmations. A lot of the processing is done off-chain, so the speed of the exchange is much faster.
Regarding security, you keep hold of your own keys and connect to the exchange much like any other DEX, so you are not relying on a 3rd party for trust over your funds. We have incorporated ledger integration a few weeks ago so now, you can trade safely as your funds are kept offline.
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As we can see by the issues we face using DEXs today regarding speed and usability, that is a really good idea. What project or feature are you most excited about right now?
Jack Yeu: I love trading on the go, currently though, most of the trading apps apps are too glitchy, slow or don’t work at all. You click a button, and nothing happens. We are working on the Mobile UI and we will get it right because it is important.
Also, I’m excited about the trading API of open platform which will allow for merchants to accept any currency that Switcheo allows. The API will allow for them to trade straight from the wallet onto Switcheo as well and some of the tokens will be cross-traded. We want the API to be as trader-friendly as possible so we will be using a seasoned arbitrage developer to build it.
What are the biggest challenges that you currently face?
Jack Yeu: We will incorporate a fiat gateway into the exchange and potentially list security tokens.
This is something that a lot of exchanges stay away from, even Binance doesn’t touch it because of the laws that could implicate it and the stringent regulations in place to get licensed. We are looking into becoming an approved exchange for securities and applying for the licence for regulated markets. To do that, we will require KYC on our customers. We are currently looking into putting a limit on the amount of trading pairs available for non-KYC customers.
What are your five favourite projects at the moment?
Jack Yeu: The types of projects which really stand out for me is an infrastructure that can drive mass adoption:
Switcheo would be my first option (of course), followed by Open Platform. This is a blockchain infrastructure for applications. Bridge, which is my third choice, is a fantastic concept too; decentralized KYC (Know Your Customer). Valuable concept and once you’ve KYCed with them, you won’t have to do it again, which is a real time saver. Ethereum would be my fourth choice because of the strong community and a very bright future ahead, & Bitcoin has to be in the top five because that’s where it all started!