Switcheo, a non-custodial exchange with markets on NEO, ETH, and EOS, has announced it is delaying the transition from SWTH to GAS to pay for fees in Neo-based market trades. The change, initially planned to take place February 12th, has been tentatively rescheduled for Wednesday, February 19th.
In January 2020, Switcheo received an equity investment from the Neo Eco Fund. Terms of the investment included the use of Neo’s native GAS token as payment for trading fees, and to support the price of the SWTH token by a “price floor” in a SWTH/GAS market.
Switcheo cites the recent coronavirus epidemic as the primary delay in implementing the changes. In a community announcement, Switcheo CEO and co-founder, Ivan Poon, said:
The launch timing is affected as physical access to certain assets in Shanghai is required for preparation of the upcoming system. This is currently not possible as on-premise work is not permitted by health regulations until [February 10th, 2020.]
Exchange maintenance will proceed as planned from 1:00 pm to 5:00 pm (UTC +8) on Tuesday, February 11th, 2020. During the exchange downtime, the Switcheo team will implement changes to the exchange fee structure.
The full announcement can be found at the link below:
https://medium.com/switcheo/postponement-of-swth-redemption-96bb30ec9324
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
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