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Singapore Crypto Exchange Switcheo Announce SDUSD Stablecoin Support

Last Updated October 4, 2020 4:18 PM
Alan Wass
Last Updated October 4, 2020 4:18 PM

The Singapore crypto exchange Switcheo has announced over the holiday period that it now supports the Alchemist launched SDUSD stablecoin. The Dollar-pegged coin was created to hold the value of $1 and is locked to NEO.

Switcheo Exchange  made the announcement that the NEO/SDUSD pairing will be available on the platform from December 27 onwards as the stablecoin makes its debut across the crypto markets.

SDUSD/NEO Pairing Debuts on Singapore Crypto Exchange

Switcheo announced via a press release  that Alchemint’s smart contract based SDUSD coin will debut on the Singapore crypto exchange and will be the first fiat-pegged pairing with NEO. 1 SDUSD will be stabilized with $1 USD through the collateralization of NEO smart contracts

Switcheo’s support of the SDUSD/NEO pairing is available right away. He is an extract from the statement:

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).

The Singapore based crypto exchange is regarded as the first decentralized exchange to utilize the NEO blockchain, which allows you to trade both Ethereum and NEO. The exchange is looking to create a DEX network that offers cross-chain swapping features across a myriad of blockchain networks. Their main goal is to offer a trading experience that merges a world-class experience with trust and transparency on a decentralized platform.

Alchemint Finally Launch SDUSD

Alchemint is known as a stabilization system for cryptocurrencies  that utilizes NEO’s public chain. The launch of its dollar-pegged SDUSD token was planned for earlier in December. However, due to numerous delays, their stablecoin was finally released during the holiday period.

Alchemint uses DLT technology to offer a high-performance digital currency that allows users to mortgage digital assets and manage the collateral values by utilizing smart contracts. You can now mortgage your NEO against the SDUSD, although holders will be expected to pay a 2% annual fee as an issuing fee if you want to cash back your SDUSD.

Alchemint plans to offer a transparent stablecoin issuance system that is open and robust.

The announcement from the Switcheo Exchange is great news for the evolving Singapore crypto market that recently updated its ICO guidelines that are expected to increase interest in the local market and to raise capital for fledgling ICOs.

If you are looking to mortgage your NEO against the US Dollar, the Singapore based crypto exchange is leading the charge.

Featured image from Switcheo Network