Switcheo and Zilliqa to Launch Decentralized Crypto Exchange

Singapore based Zilliqa, a speedy blockchain platform, has partnered with Switcheo, to launch a “non-custodial, decentralised exchange” (DEX).

Zilliqa and Switcheo are said to be working towards a minimum viable product and rounds of internal testing by the end of Q2 2020 and external user acceptance testing with trading groups by the end of Q3 2020. The development of the Zilliqa DEX is estimated to conclude by the end of the year.

According to a release, the new Zilliqa DEX, will enable Zilliqa traders to have the ability to tap into digital assets on the Ethereum blockchain for the first time. The move is seen as “essential to bolstering the growth of Zilliqa’s DeFi ecosystem.”

Users and traders on Zilliqa DEX will not need to sign-up on the exchange to access trading services. Users will be able to swap between different assets without any “infrastructural hindrances.”

Amrit Kumar, President and Chief Scientific Officer at Zilliqa, said they believe the partnership with Switcheo is essential to supporting the “meaningful progress we’ve made for our stablecoin initiative, StraitsX.”

“The opportunity to collaborate with one of the world’s leading decentralised exchanges was one that we simply couldn’t pass up as we hope to garner further ecosystem support and look to solidify our position in the global DeFi ecosystem,” Kumar stated.

Ivan Poon, CEO at Switcheo, stated:

“Decentralised exchanges have been recognised for the absence of centralised governance which enables greater security and safety for users and their assets. By leveraging advancements such as off-chain order matching engines and liquidity pools, we look forward to being able to provide Zilliqa traders and token holders with a world-class trading experience.”

Switcheo claims title to the industry’s first multi-chain DEX that enables cross-chain trading of Ethereum, EOS and NEO-based tokens. Switcheo reports an existing user base of over 34,800 traders around the world. Currently, Switcheo supports 24 cryptocurrencies and 43 market trading pairs to date.

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