The NEM.io Foundation, creators of the peer-to-peer NEM blockchain platform providing payments, messaging, asset making and more, and Australia’s leading blockchain company, Blockchain Global today announced it is set to power the world’s first dedicated cryptocurrency exchange platform for the NEM Foundation.
The exchange will be built exclusively for the NEM cryptocurrency (XEM), which has a market share of $A1.5 billion and is the sixth most valuable blockchain token in the world.
“This NEM exchange is the world’s first cryptocurrency exchange of its kind and we’re looking forward to working with Blockchain Global to build it,” said Lon Wong, President of NEM Foundation.
The NEM exchange will be built by white-labelling the technology powering Blockchain Global’s Australian Cryptocurrency Exchange (ACX), which is Australia’s largest bitcoin exchange by volume, with over $A600million bitcoins traded to date.
In one year, ACX had grown rapidly to dominate 70 per cent of Australia’s bitcoin exchange market share by offering customers deep liquidity, lowest prices, and no trading fees when buying and selling Bitcoins.
“There is no one else in Australia building cryptocurrency exchanges and this partnership places us at the forefront of Australia’s fintech innovation,” said Sam Lee, CEO of Blockchain Global.
“We’re excited for NEM to leverage our exchange, Blockchain IP, and know-how to spearhead the development of this platform with more cryptocurrency exchanges to follow,” said Lee.
While Bitcoin, with about 45 per cent market share of the global $110 billion cryptocurrency market cap, is the most commonly traded cryptocurrency, this exchange will instead feature the XEM currency with more cryptocurrencies to follow, allowing NEM Foundation to take full control of developing their smart asset offering.
“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, Business Development Manager from Blockchain Global.
“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 NEM Foundation.
NEM Foundation is expected to spend around US$40million in the next year to fund their global expansion programs and is allocating US$5 million towards supporting blockchain companies. These companies will be incubated in the new Blockchain Center co-working space in Kuala Lumpur, Malaysia, recently opened as an initiative of the NEM Foundation and Blockchain Global.