3rd. August 2017
Last week the NEM.io Foundation was pleased to announce it is developing a custom cryptocurrency exchange to directly support the expanding NEM economy. The Foundation’s goal with this exchange is to provide a dedicated platform for ICOs and trading of NEM-based tokens, and also to provide yet another option for investors to buy and sell XEM. The Foundation selected Blockchain Global as its partner to develop the NEM exchange based on the same technology platform behind ACX.io – the largest crypto exchange in Australia.
While businesses are already creating NEM-based tokens and listing them on exchanges, the President of the NEM Foundation, Lon Wong, wanted to go further. He said, “We believe that NEM provides the best technology platform for creating custom tokens and ICOs, and the creation of a NEM-focused exchange will make NEM an even more attractive and easy to deploy solution.”
The NEM exchange will function like a typical cryptocurrency exchange, but with a NEM twist. Popular cryptocurrencies and trading pairs will of course be available – including XEM, the native currency of the NEM blockchain. But the NEM exchange will also provide priority support for those who wish to easily offer NEM-based tokens to the public, whether through an ICO launch or simply listing as a tradable asset. This will help avoid the challenges of negotiating an ICO or waiting for a general purpose exchange to approve its listing, as well as provide traders with a trusted hub for NEM-based investments. And by building it as a traditional exchange, NEM can prevent the proliferation of scam tokens that often plague totally open and decentralized exchanges or “dexes”.
The selection of Blockchain Global to develop the NEM exchange was simple, given their history and expertise. In 2016 they created ACX.io, now Australia’s largest and most liquid bitcoin exchange and a top 10 globally ranked cryptocurrency exchange. Blockchain Global also recently opened a Blockchain Centre in Melbourne, demonstrating their ongoing commitment to blockchain technology development. Blockchain Global will serve as an ideal partner to build and support a NEM exchange that supports multiple cryptocurrencies out of the gate on a rock-solid trading platform.
How do NEM-based tokens work? NEM’s Smart Asset system includes highly configurable fixed assets called Mosaics. Mosaics may be configured as tokens that can define custom cryptocurrencies, tradable “points”, fiat-pegged assets, virtual stocks, and much more. Such a tokenized asset can then be easily integrated into business operations using the NEM blockchain’s powerful development features and secure high-performance ledger. The NEM exchange will provide the ideal avenue to take these tokenized assets to the broad marketplace.
With the launch of the NEM exchange, planned for November of this year, and the upcoming opening of the NEM Blockchain Centre, NEM will continue to expand its ability to support businesses and developers with the most flexible, robust blockchain platform available.
For more information about the NEM Blockchain Centre or the NEM Exchange, please contact :
NEM Regional Head South East Asia