ShapeShift to Integrate NEM’s XEM Token

Announcements, Blockchain | October 11, 2017 By:

Blockchain asset exchange platform ShapeShift will be integrating NEM‘s XEM token. XEM is the world’s seventh largest cryptocurrency, with a market capitalization of US $1.7 billion.

ShapeShift enables users to trade any blockchain asset with another. With no login accounts required, the platform allows its users to enter input and output cryptocurrency types and receive an automatic address to deposit the input currency in order to collect the output currency via the addresses provided by its users. No fees are charged within the presented exchange rate. Only a miner fee of the output asset is removed from the final exchange.

The Foundation, creators of the peer-to-peer NEM blockchain platform, said it is working to integrate ShapeShift into its Nanowallet. The Nanowallet is a native NEM desktop wallet providing users the ability to directly exchange XEM for other cryptocurrencies. Through ShapeShift’s NEM integration, cryptocurrency ATMs will be able to support XEM, along with many consumer goods websites.

Lon Wong, President of the Foundation, said they’ve received many requests to make XEM more available on exchanges, and their integration with ShapeShift is a major step forward in providing flexibility and liquidity to the community.

Earlier this year, Foundation announced a $40 million expansion. NEM’s expansion includes an innovation lab in Kuala Lumpur, Malaysia, which will house the NEM Blockchain Innovation Lab and serve as an accelerator, incubator, and co-working space. The foundation will also begin operations in Europe starting with a training program for software developers this month.

NEM has also been intensively developing Catapult, its second iteration expected to be released before the end of the year. Catapult is a complete re-hash of the entire blockchain in C++. The platform is re-architected to make use of API gateways, providing superior performance in terms of speed, connectivity, security, extensibility, scalability, and flexibility.