NEM Foundation Plans XEM Exchange

Announcements, Blockchain, FinTech, Innovation, News, Regulation | July 27, 2017 By:

The Foundation plans to create an exchange platform for its NEM cryptocurrency, XEM.

The exchange will launch exclusive to XEM, which now has a market share of $1.4 billion USD, but other cryptocurrencies are contemplated for the future. The NEM blockchain provides payments, asset-making and messaging.

Australia’s Blockchain Gobal will build the exchange, which will use a white-label version of the company’s Australian Cryptocurrency Exchange (ACX), Oz’s largest bitcoin exchange by volume with over $A600million bitcoins traded to date and an estimated 70 percent of that country’s marketshare.

“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.

The Foundation will spend an estimated $45 million USD to fund global expansion and support other blockchain companies. Those companies will be incubated in the Blockchain Center co-working space in Kuala Lumpur, Malaysia that NEM and Blockchain Global founded.