SINGAPORE, — Today, Switcheo announced an equity investment by Neo Eco Fund, underscoring Neo’s strong community commitment through its EcoBoost initiative. Since its launch in May 2019, the Neo EcoBoost program has played a key role in accelerating the growth and development of the Neo ecosystem by providing entire life-cycle support for projects and developers, thus showcasing Neo’s community-centric ethos.
In addition to investing in Switcheo, Neo is also committed to supporting the Switcheo Token (SWTH) by financing the redemption of SWTH tokens for GAS tokens to further boost confidence in the SWTH token by funding the SWTH/GAS market on Switcheo Exchange. Moreover, the price of SWTH will be supported with a price floor at a rate to be determined at a later date.
At the same time, Switcheo will deepen its support for the Neo ecosystem by allowing trading fees on Switcheo Exchange to be paid using GAS tokens instead of SWTH tokens. With this change, Switcheo will burn SWTH tokens off the market manually from fees collected…