February 23, 2018 – Switcheo Exchange, a decentralized exchange that focuses on trading NEP-5 tokens with NEO and GAS, has recently made a handful of announcements including the launch of a test Switcheo Exchange, an update on the Switcheo token sale, and a partnership with NEO Global Capital (NGC).
Additionally, the Switcheo Exchange airdrop is currently underway for user-submitted blog posts, videos, and articles. More information can be found here.
Switcheo Exchange TestNet
Recently, Switcheo launched their new exchange along with a brief walkthrough of the new User Interface (UI). Though the exchange is still in its infancy, the UI allows for users to buy and sell GAS, place limit orders, and trade Switcheo tokens (SWH) for NEO tokens.
Users will be able to see if another trader has an order ahead of them in the same block, which can be prevented by paying additional GAS to get to the front of the orders in the block.
The team is will soon be dispensing test NEO, GAS, and SWH tokens to users who want to try out the trading features of the new decentralized exchanged platform’s UI.
Lastly, the new version of the exchange has recently moved from the NEO TestNet to the Switcheo TestNet. Users can see the new version at https://switcheo.exchange.
Switcheo Token Sale Update
While the Switcheo team prepares for the MainNet launch of the exchange, they’ve also been addressing questions from the community about the public crowdsale and the private sale.
The team raised the overall hardcap from $5,300,000 USD to $8,700,000 USD, so they may better finance opportunities to develop and build better relationships with partners, and to better poise Switcheo to achieve a dominant position in the exchange market.
The ratio of the private sale has been reduced from 60% of total SWH token supply to 48%, and the ratio of SWH tokens allocated for the public crowdsale has been increased from 10% to 20%. Each token is expected to be sold at $0.016 USD.
Tokens rewarded to “strategic partners” in the private sale will have a bonus maximum of 50%, which will only be able to be unlocked one month after the date of the public crowdsale.
With the increase in the amount of SWH tokens for the public crowdsale, Switcheo has increased the whitelist from 5,000 participants to 10,000 participants.
200,000,000 SWH tokens will be sold to the public for a hardcap of $3,200,000 USD. The individual caps will be broken down into two tiers, in the following manner:
- Includes the first 5,000 individuals who’ve been approved on the whitelist;
- 50,000,000 additional SWH tokens will be added to the original 100,000,000 tokens; and,
- Personal cap for this tier will be 30,000 SWH tokens.
- 50,000,000 SWH tokens will be allocated to this tier; and,
- Personal cap is 10,000 SWH tokens.
Those who have been whitelisted, can check their tier status here.
1 NEO token will equal 7,357 SWH tokens, and 1 GAS token will equal 2,357 SWH tokens.
The public crowdsale will take place on March 18, 2018 Singapore Standard Time (UTC +8). Tokens can be purchased from the official Switcheo Exchange website, or a NEP-5 supported wallet.
NEO Global Capital and Switcheo Partnership
Switcheo has recently partnered with NGC, a licensed fund management group with many ties to NEO and NEO-based blockchain projects. NGC consists of many general partners, some of whom have seats on the NEO Council. Such examples include Wayne Zhu, Head of Investment and Research on the NEO Council, and Tony Tao, Secretary General of NEO.
NGC stated during their presentation at the first NEO DevCon in San Francisco that they aim to develop and foster the “Smart Capital” realm of the NEO Smart Economy. NGC will do this by utilizing the Venture Capital experience of their founding partners, and integrating those practices with new projects in the NEO ecosystem.
Additionally, Roger Lim, Founding Partner of NGC, has joined the Switcheo Board of Advisors. Roger has experience in angel investing and blockchain investing. Notable NEO-based project Roger Lim has advised include Qlink, Bluzelle, CoinFi, SelfKey, and THEKEY.
Other partnerships are expected to be announced in the upcoming weeks.