CEO Ivan Poon Reveals Developments for Switcheo

By Swati Kishore

In a Medium post dated January 11, 2019, Ivan Poon, the Co-Founder and CEO of Singapore-based Switcheo Network wished the community a happy new year and further detailed on the development plans of their multichain decentralized exchange for the first quarter of 2019 and beyond.

Poon made the public announcement with an effort to share the company’s roadmap with the community on a quarterly basis. The company is slated to release a rebate program in Ethereum markets, email login option for new users, fiat gateways.

Further, Poon also announced the development of Switcheo’s NEO exchange contract’s 3.0 version, as well as a cross-chain trading protocol using atomic swaps.

Email Login Services For New Users

As per the Medium post, Switcheo will launch a semi-custodial crypto wallet with email login functionality in a month’s time. Such an email login option will facilitate the integration of new users without forcing them to adopt a software wallet or have them learn about private key management. Poon also announced that the users will be able to retain full ownership of their funds.

Fiat Gateways

Poon announced that while the Fiat Gateways were planned for release by the end of 2018, however unexpected events led to last-minute delays in the launch. As per the CEO, an update regarding the Fiat Gateways should be expected in the weeks to come.

Atomic Swaps

Poon also declared in his Medium post that the Switcheo Exchange will be the only exchange available for cross-chain transactions at first because Atomic Swaps, an emerging technology which facilitates cross-chain trades, is currently being developed by the firm.

Rebates for Ethereum Pairs

The maker rebate program is currently live for Ethereum trading pairs. As per the program the API users will receive 50 per cent of the trading fees. The payment will be transacted to the Ethereum wallets of the traders.

NEO Smart Contract V3

As per the CEO, the NEO Smart Contract version 3 is set to go live by the end of February 2019. The automatic order cancellation feature and the supported process of withdrawal of assets on contracts being made obsolete facilitates a seamless upgrade to NEO Smart Contract V3.

Conclusion

With so many developments in the works, the Switcheo Exchange poses a good competition to other cryptocurrency exchanges in the market. Let’s wait and watch if all the deadline are met in time.