Blockchain Global, an Australian blockchain company, has announced today that it will be powering the world’s first NEM cryptocurrency (XEM) dedicated exchange platform for the NEM Foundation.
While the common thread of most cryptocurrency exchanges today is bitcoin and often ether, the new exchange will be built exclusively for XEM. XEM is the world’s sixth largest cryptocurrency with a market capitalization of over US$1.4 billion.
“We hope this cutting-edge NEM Exchange will pave the way for more world-leading cryptocurrencies to take control of their future with their own cryptocurrency trading platforms,” said William Saunders, Blockchain Global’s business development manager.
The exchange will feature XEM with more cryptocurrencies to follow, “allowing the NEM Foundation to take full control of developing their small asset offering without being impacted by the slow pace of developments in the global cryptocurrency space,” according to the press release.
“With the global cryptocurrency ecosystem bursting at the seams, we want to make sure businesses using NEM’s smart asset offering are not set back by the inability of global cryptocurrency exchanges keep up with demand,” said Lon Wong, president of the NEM Foundation.
The NEM Foundation, a non-profit organization set-up to promote the NEM blockchain platform globally, is expected to spend around US$40 million in the next year to fund international expansion programs, the organization unveiled last month.
The foundation said it will allocate US$5 million on towards supporting blockchain companies incubated in its newly launched Blockchain Center, a co-working space in Kuala Lumpur, Malaysia, it recently opened in partnership with Blockchain Global.
NEM, a peer-to-peer cryptocurrency and a blockchain platform, is currently one of the most well-funded and successful blockchain platforms in the cryptocurrency space.<...