Neo Economy launches token swapping platform, supports around 45 cryptocurrencies

Neo Economy, a community-run e-commerce site and Neo data resource, has token swapping functionality built into their platform. The Neo Economy Swap (NES) feature allows users to choose from around 45 cryptocurrencies to swap for NEO or GAS.

NES was developed by Neo Economy founder Vincent, who was keen to give users a streamlined process for purchasing NEO or GAS. Neo Economy acts as a third party to connect users who wish to exchange tokens with ChangeNOW services. ChangeNOW is an instant, non-custody digital asset trading platform that claims to require only five steps to complete a trade. Because Neo Economy is a third party integrator, users of the platform do not need to provide KYC / AML information; they are also not obliged to provide ChangeNOW with such information.

Until the launch of NES, O3 Labs offered the only token swap option through its suite of tools and products, aside from custodian and non-custodial exchanges. However, in October 2019, Neo Global Development took over maintenance of O3 products after bought O3 Labs as part of a talent acquisition. The transition has not been without a break, however, and at the time of writing, the O3 Wallet is currently not available in the Apple App Store.

Vincent saw an opportunity to take the torch in hand and develop an exchange platform on the Neo Economy platform. Speaking to Neo News Today, Vincent said:

I had wanted to do this for two years, but by then O3 had started the swap. I didn’t mean to step on their toes. The recent problems with O3 served as inspiration for starting this project; to keep the swap going.

NES used some of the backend code that O3 Labs had developed for its token swapping platform. Vincent claims to have extensively tweaked the design, APIs, and code to further simplify the transaction process and enable integration of NEP-12 and Ethereum-based logins. Users can connect to the swap platform via the compatible dAPI wallets O3, Teemo, NeoLine and NeoLogin and also offer MetaMask compatibility for access to the Ethereum ecosystem.

Aside from a built-in recommendation rate for routing traffic to ChangeNOW, Neo Economy will not generate any income from trading fees from swaps conducted through NES. The cost of using the service is calculated at a dynamic rate that depends on variables such as price fluctuations, market conditions and network charges.

You can find the Neo Economy Swap under the following link:

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