Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month.

Blockchain Global, an Australia-based bitcoin miner and exchange that develops bitcoin blockchain software, will launch the first dedicated NEM Foundation exchange, according to Finance Magnates. Blockchain Global’s exchange claims to have traded more than $A600 million to date.

 

NEM is currently the fifth largest cryptocurrency, with more than $1.5 billion in market capitalization, according to coinmarketcap.com.

Sam Lee, CEO of Blockchain Global, said the partnership puts his exchange at the forefront of cryptocurrency innovation since no one else in Australia is building exchanges. Lee said Blockchain Global is excited to have NEM leverage its exchange, blockchain IP and know-how to lead the platform’s development, with more cryptocurrency exchanges to come.

More Platforms to Come

William Saunders, Blockchain Global’s business development manager, said the NEM exchange will pave the way for more leading cryptocurrencies to seize control of the future with their own trading platforms.

Lon Wong, president of the NEM Foundation, said the foundation wants to be sure that companies using NEM’s smart asset offering are not compromised by other exchanges’ inability to keep up with demand, given that the global cryptocurrencies ecosystem is bursting at the seams.

Also read: NEM gains 500% in May as the fifth largest cryptocurrency; factors & trends

NEM Valuation Soars

NEM has followed crypto market trends this year, making significant gains in recent months. It reached a peak valuation of $2 billion in May, then tumbled to $1.1 billion on July 15 before rebounding to $1.6 billion on July 23, according to coinmarketcap.com. Even the July 15 low was well above the pre-March valuations, which were less than $100 million.

NEM was initially developed and introduced in Japan by Makoto Takemiya, the co-founder and CEO of Soramitsu, the company that introduced the Iroha blockchain project to the Linux foundation’s Hyperledger Project.

Takemiya’s involvement in some of the largest blockchain projects as well as the Japanese government’s legalization of bitcoin led to a surge in interest in altcoins such as NEM that originated in Japan. (Takemiya is no longer involved in the project.)

Featured image from Shutterstock.

Advertisement:
Advertisement:

Posted by Lester Coleman

Lester Coleman is a media relations consultant for the payments and automated retailing industries. He is available for writing and media relations assignments.