|   Digital Currency


  |   Digital Currency

Search Foundation to set up XEM cryptocurrency exchange powered by Blockchain Global

The Foundation, creators of the peer-to-peer NEM blockchain platform, has revealed its plan to set up a dedicated cryptocurrency exchange platform for the NEM Foundation.

To be exclusive for the NEM cryptocurrency (XEM), the exchange will be built by white-labelling the technology powering Blockchain Global’s Australian Cryptocurrency Exchange (ACX), Australia’s largest bitcoin exchange by volume, with over $A600million bitcoins traded to date. In one year, ACX had grown rapidly to dominate 70 percent 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.”

Bitcoin is the most commonly traded cryptocurrency with about 45 percent market share of the global $110 billion cryptocurrency market cap. This exchange, however, will feature the XEM currency, which has a market share of $A1.5 billion and is the sixth most valuable blockchain token in the world. Other cryptocurrencies will follow, allowing NEM Foundation to take full control of developing their smart asset offering.

“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. “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.”

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, the official release said. 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.

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