Switcheo, a Singapore-based decentralized exchange operating on the NEO and Ethereum blockchains, has announced that its Switcheo Account email and password login system is now live.
The Switcheo Account service is designed to allow newer users to interact and deposit funds on Switcheo as if it were a centralized exchange. However, despite the use of a centralized-style email login with password credentials, Switcheo claims that “account details are encrypted on the client-side before being transmitted,” and therefore, unlike a centralized exchange, “users retain custody of their funds in a secure manner.”
Switcheo Account also offers users the ability to trade in Switcheo’s markets without installing a dedicated NEO or Ethereum wallet on their device.
Switcheo Account works by generating a twelve-word recovery phrase on the client’s device. This mnemonic phrase is then used to generate new NEO and Ethereum wallet addresses and the private keys that control the accounts, and should be kept in a safe place.
Users who login with Switcheo Account have the ability to withdraw funds to other exchanges or blockchain addresses; users’ smart contract deposits and withdrawals are “automatically executed” by the Switcheo Exchange web application.
Furthermore, Switcheo claims that funds will be recoverable with the mnemonic phrase “even if Switcheo Exchange ceases to exist.”
$5 USD of Ethereum
Switcheo is offering to fund the first 3,000 Switcheo Account users with $5 worth of Ethererum (ETH). In order to register, users will need to have a unique email address, mobile phone number, and the Google Authenticator 2FA application.
Finally, Switcheo has published a guide for users who would like assistance while registering their own Switcheo Account.
Switcheo’s full announcement of the Switcheo Account login service can be viewed at the following link: