Dave Waslen, CEO of HedgeTrade and Nick Pelecanos, Head of NEM Trading.
In this article we explore the partnership, how it provides benefit to the NEM Community and to HedgeTrade and Traders on the platform.
Can you introduce yourselves and your organisations?
DW: We started out with HedgeTrade as a site where experienced traders could earn money for sharing their predictions, kind of like an Instagram for trading calls. From the get go, we wanted to make sure there was a way to verify the accuracy of the trading call so that novice traders could pay to access insights without having too much risk. So essentially we began building HedgeTrade during the ICO boom and using smart contracts and blockchain technology we’ve come up with a system where each trading call is entered into a smart contract and traders only get automated payments when they’re correct. Newer traders have a hedge as they learn the markets and the pros can earn but are held accountable. As time has gone on, we’ve naturally been moving towards decentralized finance and creating tools for wealth building that are open to everyone, fun, and with all kinds of ways to earn.
NP: NEM NIS1 is one of the oldest blockchain protocols and Symbol - once launched will be among the first hybrid public/private solutions. In its 5+ years of operation, it has had no downtime and no chain hacks. As a blockchain protocol, it is highly scalable and easy to use offering multiple programming languages. NEM NIS1 is designed to be the bridge between real-world business and blockchain. Currently XEM, the native token of the NEM ecosystem is witnessing rapid growth as traders and investors alike buy in anticipation of the Symbol blockchain and XYM token snapshot. With increasing interest in the token price I think the partnership with HedgeTrade is extremely timely and I'm glad we can be working together.
What brought the partnership about?
DW: We are always looking for great teams and platforms to partner with and NEM was introduced to us since they have a well respected team, have been around for a very long time and have some really exciting product updates coming. We’ve really enjoyed working with their team so far and have aligned interests in growing the ecosystem.
NP: Dave Hodgson, champion of the NEM ecosystem was introduced to Dave Waslen and we all got on a call together. It was immediately apparent that we had lots of synergies so we have slowly been ticking off all the boxes on how we can best work together. Supporting and helping to grow our community is at the core of everything we do at NEM Group, so working with a platform that allows for more robust trading of XEM was a foregone conclusion.
What do you think the principal benefits of the partnership are to both businesses?
DW: For NEM, XEM trading pairs have been added to HedgeTrade’s predictions market so traders can make predictions on their price movements and potentially earn $HEDG from their trading calls. Since incentives are aligned with HedgeTrade’s social trading platform, and predictions are blockchain verified, this provides an accurate, real time source of trading data and insight.
As a result, the predictions and outcomes based on XEM trading pairs gives the NEM community a verifiable way to gauge market sentiment on their coin as well as the overall NEM blockchain ecosystem.
NP: One of the primary use cases for all crypto tokens is trading, so we can’t neglect our trading community. Having a platform where our trading community can post and share trades is a great way that we can support this aspect of our community and also introduce other traders on the HedgeTrade platform to XEM trading pairs. For HedgeTrade the introduction of our active trading community will help grow their platform, so really it is a win-win situation.
What are the benefits of NEM and XEM trading pairs to traders on HedgeTrade?
DW: The more in-demand trading pairs we make available on the platform, the more ways HedgeTrade traders have to earn $HEDG and the more ways novice traders have of gaining insights on $XEM price movements.
NP: I concur with Dave on this, XEM is seeing a rapid increase in demand and by having the XEM trading pairs offered on HedgeTrade, users can trade in a bullish market.
What trading insights are available to NEM community members? What’s in it for the traders?
DW: Expert traders post their prediction “Blueprints” in the HedgeTrade platform. Other users can browse the marketplace, select a pro trader and, after checking out their previous success scores, may choose to purchase any Blueprint to unlock the trade details. So now, predictions on NEM trading pairs NEM/BTC and NEM/USDT can be purchased to unlock the trading strategies of expert traders, whose records are verified on the blockchain.Traders gain a trusted source of sentiment analysis on the NEM project as they develop and implement their own trading strategies.
NP: On top of the points Dave made, you will be able to follow trades from senior traders in the NEM community and get an insight into their thinking. I intend to start sharing trades on HedgeTrade once my runway clears up, and will distribute all my $HEDG profits back to our trading community
DeFi continues to capture a lot of the market’s attention in 2020. Do you see this as a long term trend and what are some ways you can add DeFi capabilities to enhance your audience’s trading experience?
DW: Some may view the DeFi craze we’ve been having recently as a short term phenomenon but we see it part of this massive infrastructure of open finance that is being built exactly when the world needs it most. Our main focus has been providing premium tools for traders of all experience levels. HedgeTrade’s recent launch of Steaks Finance was our next step in gravitating towards decentralized finance. It has enabled our community to take part in yield farming and providing liquidity for decentralized trading markets. It’s also given traders more ways to earn cryptocurrencies and be part of the decentralized movement. Our engaged, open community for the Steaks Finance project is an example of how seriously we take DeFi, at its core, and not just as a quick get rich scheme.
NP: DeFi is currently a big experiment and we can see this reflected in the volatility of DeFi tokens. For now the bubble has popped but I believe this is just the start. The innovations we will see in the coming years will lay the foundation for a completely new financial system. At NEM Group, we are constantly looking for new ways to add utility to our token and DeFi functionalities are no exception. Stay tuned, lots of exciting news in the works!
What sorts of things should community members look out for?
DW: The communities of both HedgeTrade and NEM can look forward to an evolving defi market that continually improves the trader experience by harnessing verifiable, blockchain data that runs 24/7. They can expect the continuation of this explosion in innovation that we’ve seen in 2020, despite the dire circumstances that we as a world are experiencing. People who are enthusiastic about open finance, defi and cryptocurrencies, don’t just evaporate. They continue to build, and with the modular, open source technology that is available to all teams, the pace of innovation is accelerated.
NP: Keep up to date with information around Symbol and the XYM token. Snapshot is going to be the biggest NEM specific market event in the history of NEM.
What potential areas of interest do you see in the future for collaboration? What else can we expect for each organisation?
DW: The NEM and HedgeTrade communities are a natural fit. As NEM and their partners continue to build out a blockchain infrastructure for developers to springboard off, they provide a set of tools for blockchain industry innovators. At the same time, HedgeTrade will continue to create its suite of blockchain verified trading tools that enable anyone, anywhere, to build and preserve wealth. Both groups have teams that are dedicated to forming partnerships like this one to bring communities together and maximize reach and impact.
NP: XEM trading pairs are just the start for now, once XYM is listed on exchanges it is sure to be listed on HedgeTrade. I'm sure XYM will attract a lot of attention from outside both of our communities so perhaps we will look to run a trading competition on HedgeTrade for XYM market pairs.
The NEM ecosystem has historically been undervalued, NEM Group is helping the crypto community realise this value so expect lots more exciting news and partnerships coming for both XEM and XYM.
NEM Group supports the development of NEMNIS1 and Symbol from NEM , which launches towards the end of 2020. Symbol is the next-generation enterprise-grade blockchain solution from NEM, purpose-built for Enterprise adoption. NEM NIS1 (XEM), is NEM’s original blockchain and launched in 2015. NEM Group comprises three separate entities: NEM Software, NEM Trading, and NEM Ventures which together will contribute to the development of blockchain technology for generations to come. NEM NIS1’s native currency is XEM, which can be 'harvested' using its POI (Proof-of-Importance) algorithm.
NEM Group is a global blockchain development company headquartered in Gibraltar and led by CEO, David Shaw.
Learn more at NEM.io.