Switcheo has announced that it will be supporting the SDUSD stablecoin, which was launched by Alchemint. The announcement was made over the holiday period by the Singaporean Crypto exchange.
SDUSD/NEO Pair Available On The Switcheo platform
The SDUSD stablecoin holds the value equivalent to $1 and is paired with NEO. The Crypto exchange announced that the NEO/SDUSD pairing will be added onto the platform and be available for trading from the 27th of December through to the next year. The SDUSD stablecoin is still yet to gain ground in the Crypto markets.
The press release made by the Crypto exchange announced that the SDUSD stablecoin, which has been based on Alchemint’s smart contract, will be debuting in Singapore. It added that on this front, the stablecoin will also be the first to be paired with NEO. NEO smart contracts will act as collateral in stabilizing 1 SDUSD with $1 USD.
An excerpt from the statement said that the support of the SDUSD/NEO pair was already available on the Switcheo platform adding that trading will be possible as soon as the pair was available, i.e. from the 27th of December.
2% Issuing Fee Applied On SDUSD Cash Backs
Switcheo is the first crypto exchange to use the NEO Blockchain. This Blockchain network allows the trader to trade using both Ethereum and NEO. The decentralized exchange is considering developing a decentralize exchange network which will facilitate swapping of features across different networks. The exchange has stated that its main aim is to provide a trading experience that is world class and that takes into consideration transparency and trust, on a Blockchain platform.
Alchemint is renowned for being a Cryptocurrency stabilization system whichuses the public chain belonging to NEO. Release of Alchemint’s dollar pegged stablecoin had been slated to take place in early December. However, due to unforeseen circumstances and several delays the stablecoin was eventually launched during the holiday season.
Alchemint utilizes the distributed ledger technology to provide a digital currency that features high performance which in turn enables users to leverage their digital assets it also allows them to maintain collateral values through the use of smart contracts. It is currently possible to mortgage the NEO coin against the SDUSD stablecoin. However, users should note that an annual 2% fee will be applied in the event they want to cash back on the SDUSD stablecoin. The 2% fee applied is regarded as the issuing fee.
Announcement A Win For The Crypto Sector In Singapore
Alchemint has announced that it is in the process of developing a stablecoin issuance system which will be transparent. The stablecoin issuance system has also been hailed as being not only robust but also open.
This announcement is a win for Singapore’s crypto market which has just recently announced an update on its initial coin offering guidelines. The updates guidelines are supposed to boost the interest in the local Crypto sector and promote the raising of capital by ICOs. The Switcheo Crypto exchange is currently the only exchange allowing traders to leverage the NEO coin against the US dollar.