Ivan Poon, CEO of Switcheo, hosted an Ask Me Anything (AMA) thread on Reddit, May 4th. Poon was asked a variety of questions from the platform’s community, including how he intends to grow its user base, how it will compete against other decentralized exchanges (NEX) and more.

The most upvoted question in thread was how Switcheo intends to attract more users to the platform, as this is likely to have the biggest economic impact for investors.

Poon responded by saying that the bulk of the userbase for any exchange are bots, or scripts designed to open and close orders automatically. To accommodate bots and scripts, Switcheo will feature an intuitive API for developers that will interface with the new version of Switcheo’s exchange when it is released. Additionally, the platform will conduct marketing campaigns like trading competitions and outreach campaigns, with more events lined up in future.

The second most popular questions was how Switcheo intends to compete with NEX, a different decentralized cryptocurrency exchange being developed by City of Zion founders on NEO.

The Switcheo CEO responded by clarifying the platform’s unique positioning in the market: “we see ourselves competing with Binance, Huobi, etc., not other DEXs.” Furthermore, Poon pointed out that the majority of trading volume was being conducted on traditional (centralized) exchanges, and that Switcheo will target and strategize how they can attract volume from those users instead of attempting to compete in a low volume of market of decentralized exchanges.

The remaining questions and answers in the AMA thread revealed some upcoming updates and changes to the Switcheo platform.

Switcheo plans to publish its revenue data at the end of this quarter, which will include how many tokens have been locked and burned. Poon noted that “about 300m” tokens will remain locked after the 17th of May.

The Switcheo platform also intends to implement fiat transactions – although Poon noted that a “tether-like” currency on NEO is probably more valuable for its ecosystem than fiat. To implement fiat in the exchange, Poon stated that he is “looking forward” to Alchemint on delivering a product on this front. Also, the integration of other chains will let Switcheo have DAI pairings.

Switcheo’s hardware wallet integration is on its way, including support for the Ledger wallet, which Poon said will be released “soon”. For integration to be possible, this will require adding U2F support to the current NEO firmware, which is a task that Switcheo has decided to champion for the NEO ecosystem. Poon stated that once this is done, his team will contribute it to the Ledger codebase so that anyone can use their implementation to enable Ledger support with their NEO dApps. This contribution is one way that the exchange plans to give back to the NEO community.

Finally, Switcheo clarified its relationship with Neo Global Capital (NGC) in the growth of its platform, including the possibility of working together with other NEO platforms. Poon stated that NGC helped the platform in many ways behind scenes, and that his team will work with any company that can facilitate a mutually-beneficial relationship.

More information can be found on Switcheo at the links below.

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