A decentralised exchange, Switcheo, the first application on the NEO blockchain, announced in a press release that the platform will now also be available on Ethereum. Dubbed as ‘Callisto’ the launch enables the exchange platform to compete with larger financial entities as it can now operate on more than one blockchain.
The integration of networks is being proceeded via blockchain that is being developed bu Switcheo itself. CEO Ivan Poon said:
“We are currently in the development phase of enabling blockchains’ interoperability to activate cross-chain trading. Because each blockchain runs on its own unique protocol and, there is no current technology that facilitate their interaction with one another.”
“The rollout of Callisto is a significant milestone for us. Our users can now trade on two different blockchains while retaining ownership of their funds. They will no longer need to create trading accounts on different exchanges, thus lessening their risks of getting hacked.”
The exchange platform raised $8.5 million in its ICO and went live in April 2018. According to the data from coinmarketcap.com, Switcheo have had over 25,000 users and the native token has current market value of $3.2 million. The website claims that they hit a high of $3 million in March.
Read more: What is NEO Coin? A Beginner’s Guide To NEO Cryptocurrency