With the increasing popularity for blockchain technologies fuelling the price of cryptocurrencies, a majority of these trades are done via traditional centralised exchanges. Centralised exchanges may be split amongst two different genres. Those that accept fiat currencies (government backed currencies), and those that do not. Switcheo will not be accepting fiat transfers with our decentralised nature and will instead work towards a decentralised cryptocurrency exchange platform where users may perform trades anonymously without a centralised third party.
An immediate consideration of a Decentralised Exchange is the security and centralisation of funds in a Centralised Exchange. As funds are stored in a Centralised Exchange, users are prone to a single point of failure, as evident in exchange hacks, which amounts to billions of dollars in crypto assets lost over the last few years, a prime example being the 500Million lost in the recent Coincheck hack