Switcheo, a non-custodial exchange that offers NEO, ETH, and EOS markets, has announced another delay in the SWTH redemption program. The program was initially planned to begin on February 12th, but had been rescheduled for February 19th, and is now tentatively scheduled to occur on March 6th.
Switcheo cites the recent coronavirus epidemic as the primary delay in implementing the changes, as the team needs to physically access servers in China. With current health regulations requiring residents to remain at home, the on-premise work to prepare Switcheo’s infrastructure is prohibited.
In the announcement, Switcheo stated, “While we understand that the delay duration may be disappointing for some, the team has decided to push the official start date further than what may be necessary in order to avoid having further postponements.”
SWTH/GAS Redemption Program
The redemption is part of a recent partnership with Neo Global Development (NGD), where 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. The price floor, which will ensure the price never drops below a specific value, will be determined at a later date.
To support the integration of using GAS for fees, NGD intends to finance the redemption of SWTH tokens and conversion to GAS.
The full announcement can be found at the link below: