Switcheo and Ledger Partner to Offer Crypto Trading Directly from Hardware Wallets

Industry 1 min, 50 sec READ

by Tom Nyarunda

Choosing Ledger as a strategic partner shows Switcheo is hoping to provide the highest level of security for transactions in their network.

Switcheo Exchange, the NEO-based decentralized exchange, has announced a strategic partnership with the popular hardware wallet manufacturer Ledger. The new partnership will involve close collaboration between the two engineering teams and is aimed at facilitating trading directly from Ledger’s crypto wallets once Switcheo migrates to a multi-chain platform.

Switcheo Exchange is the primary decentralized exchange for the NEO blockchain and, since its inception in 2014, has become the go-to exchange for the increasingly popular NEO-based NEP-5 tokens. The Ledger partnership is part of the exchange's plans to expand beyond the NEO network, going "multi-chain and ultimately, cross-chain," to include Ethereum's ERC-20 tokens as well as QTUM's QRC-20 tokens and possibly EOS and Ziliqa.

Commenting on the new partnership, Switcheo’s Co-founder Henry Chua said,     

We were looking for a solution for [a] hardware wallet so our users [could] have better security when trading on our exchange and found Ledger to be the most secure and compatible hardware wallet to use...We will work closely together when we move onto additional blockchains in building our multi-chain DEX, so that users will be able to trade across different blockchains on their hardware wallets on our exchange

Decentralization, Security, Privacy

The evolution from centralized exchanges to decentralized platforms amounts to a paradigm shift in the crypto industry. Many see decentralized exchanges as an essential evolution to align trading with the foundational philosophy of decentralization, security, and privacy that underlies the cryptocurrency space. Switcheo is at the heart of this development. The exchange has sought several partnerships with like-minded companies with a focus on security and privacy. In June, they formed a similar partnership with O3, another NEO blockchain wallet.

Ledger, founded in 2014, is considered by many to be the best security solution for cryptocurrency storage. The company’s flagship product, Ledger Nano S, is the crypto community’s most popular hardware wallet. By choosing Ledger as a strategic partner, Switcheo has shown a priority for achieving a high level of security for transactions on their network.