Zilliqa recently published a new press release announcing that it has partnered with the Switcheo platform, a decentralized exchange based on the NEO blockchain, for the creation of a Zilliqa DEX.
The platform is expected to go online around May, hence in just under 2 months. Users will be able to trade with ZIL against different assets, considering that the exchange also allows cross-chain trading with different cryptocurrencies such as Ethereum (ETH), EOS and of course NEO.
Switcheo has over 34,000 users worldwide and over 24 listed crypto assets. It recently listed the SNX token and doesn’t require KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures to complete.
This partnership is vital in supporting the progress of the StraitsX stablecoin, as stated by Amrit Kumar, Zilliqa’s Chief Scientific Officer:
“We believe that this partnership with Switcheo is essential to supporting the meaningful progress we’ve made for our stablecoin initiative, StraitsX, as more companies look to come on board. 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.”
The decentralization of exchanges allows for greater security for both assets and privacy, according to Ivan Poon, CEO of Switcheo:
“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.”
Moreover, this news joins the recent possibility of staking with ZIL tokens, which was announced about a week ago.
As promised, the Staking ZIP is now officially available to #developers and the public. https://t.co/nHzQCgPIR4
Your feedback is CRUCIAL to this project:
Github ➡️ https://t.co/ZjIyabldC6
Reddit ➡️ https://t.co/eWZcn9nk4S
￼#ProgressWithZIL #StakeWithZIL $ZIL #ZIL pic.twitter.com/SwLfZFHxC8
— Zilliqa (@zilliqa) March 11, 2020