Neo Economy has announced the integration of token swapping feature on its platform.
The platform alleges that an estimated 45 digital currencies can be swapped to NEO or GAS on it. This is according to an official blog post by the platform. Built by the founder of NEO Economy, Vincent G, NEO Economy Swap (NES) stands out in the crypto space. With the aim to make purchasing NEO or GAS easier. To facilitate this swap feature, NES will have to function as a middleman. Thereby, connecting the user interested in purchasing NEO with ChangeNow. An instant digital asset that allegedly requires only five steps to confirm a trade. Since NES is only serving as a middleman, its users will not need KYC/AML information. They also do not need to provide this information to change it.
More on NEO Swap Feature
Prior to NES launch, only O3 Labs aside from custodial and non-custodial exchanges offered token swap services. In October 2019, Neo Global Development was tasked with the maintenance of O3 Labs following a rough acquisition by Bitcoin.com. Sadly, the O3 Wallet app is still not available on the Apple App Store. Recognizing a vacuum, Vincent G decided to launch the token swapping platform on Neo Economy. Speaking with Neo News Today, Vincent G disclosed that he has had the idea of creating a swap platform for over two years. This recent difficult time for O3 has allowed him to go ahead with the launch of his swap platform.
He said, “I’ve wanted to do this for two years, but at that time, O3 had started doing the swaps […]. The recent issues with O3 acted as an inspiration to launch this project; to keep the swap up and running”.
Currently, NES is making use of some if O3 back end code. Although Vincent G alleges that he has made several new changes to the design, APIs, and code in a bid to further simplify the swap process. His new protocol will also enable the incorporation of NEP-12 and Ethereum-based logins. The swap platform is also compatible with dAPI wallets O3, Teemo, NeoLine, and NeoLogin. Alongside MetaMask to ensure compliance with the Ethereum ecosystem.
Neo Economy revenue will be gotten from variables such as price, market situation and network fees. Not from trading fees gotten from NES based swaps.