Zilliqa, an enterprise dedicated Blockhain platform, confirms that users can now trade assets that are based on Ethereum (ETH) and EOS –thanks to the newly-sealed partnership with Switcheo, a decentralized exchange based on NEO.
Switcheo claims itself as the first-ever multi-Blockchain DEX platform that supports the cross trading of NEO, Ethereum, and EOS-based tokens. The platform currently boasts 43 trading pairs, 24 cryptocurrencies, and almost 35,000 traders.
The development announced March 16 marks the first time Zilliqa users would be able to access assets based on Ethereum. Notably, Switcheo is looking to roll out support for Bitcoin (BTC) as well.
As per the official announcement, Switcheo and Zilliqa would work side by side on a minimum viable product with an expected date of completion in 2021. Both companies hope to conduct testing that involves external users by the third quarter of this year.
As part of the deal, Switcheo confirms that other Blockchains’ assets can be traded with Zilliqa-based tokens. Moreover, a representative from the company confirmed that the DEX will employ the platform’s existing order books and that the smart contracts come with interoperability features. Meanwhile, a spokesperson from Zilliqa confirms that the DEX will support any token as long as it complies with the ERC-20 standards.
Ivan Poon, the CEO of Switcheo, said that the market for decentralized exchanges appears to be promising. He pointed out that the main reason for the boom is the fact that DEX platforms lack centralized governance which makes room for greater security and protection not only for users but for their assets as well.