Switcheo declared through a press release that Alchemint’s smart contract based SDUSD stablecoin will make its debut across the Singapore crypto exchange becoming the first fiat-pegged pairing with NEO.
1 SDUSD will be stabilized with $1 USD via collateralization of NEO smart contracts
The Singapore based cryptocurrency exchange’s support of the SDUSD/NEO pairing can be seen right away.
SDUSD will be open for deposits on 27 Dec, 11.30am SGT (UTC+8) and trading will commence on 27 Dec, 12.00pm SGT (UTC+8).
Switcheo exchange is regarded as the first decentralized exchange for using NEO blockchain, that lets you trade both NEO and Ethereum. The exchange is finding ways to create a DEX network offering cross-chain swapping features throughout most of blockchain networks.
Their primary goal seems to be offering a trading experience that merges a world-class experience with trust as well as transparency on a distributed platform.
The Alchemint is recognized to be a stabilization system for digital currencies utilizing NEO’s public chain. The announcement and the launch of its dollar-pegged SDUSD token was planned to be done earlier in December. Though, their stablecoin was finally released amid the holiday period after numerous delays.
Alchemint utilizes Distributed Ledger Technology for offering a high-performance cryptocurrency which lets its users mortgage virtual assets and manage the collateral values by using smart contracts.
People can now mortgage their NEO against the SDUSD, even if the holders will be expected to pay a 2% issuing fee in case they wish to get their SDUSD back.
The declaration from the Singapore exchange is a great news for the evolving cryptocurrency market that recently updated its guidelines for ICOs which are expected to spark interest in the local market resulting a raise in capital for fledgling ICOs.
In case you are finding ways to mortgage your NEO against the USD, then Singapore-based crypto exchange is the choice for you.