As the venture capital and investment arm of the NEM Blockchain ecosystem, NEM Ventures advances the development of the NEM innovation through strategic investment in meaningful, high-tech projects.
NEM (XEM), which represents for New Economy Movement, is a dual-layer blockchain that is written in Java and propelled in 2015. The NEM mainnet supports multiple ledgers and has a NEM Smart Asset system, where nodes on the NEM blockchain process API calls. Its local currency is XEM, which is ‘harvested’ utilizing its POI (Proof-of-Importance) algorithm. The ‘importance’ of NEM clients is determined by the number of coins they have and the number of transactions associated with their wallets. NEM also has an encrypted P2P messaging system, multisignature accounts, and an Eigentrust++ notoriety system.
Analysis in terms of volume of trades
The trading volume of NEM (XEM) is 12,877,302USD on May 24, 2020, and 9,729,094USD on June 23, 2020. The difference in monthly trading volume within this duration is 3148208USD. The decrease in trading volume% is 24.44773USD. The trading volume of NEM (XEM) is 14,988,071USD on June 17, 2020, and 9,729,094USD on June 23, 2020, .The difference in weekly trading volume within this duration is 5258923USD. The decrease in trading volume% is 35.087517USD.
Analysis in term of price
The trading price of NEM (XEM) opened art 0.040688USD on May 24, 2020, and close art 0.045558USD on June 23, 2020, the difference in monthly trading price within this duration is 0.00487USD, the increase in trading price% is 11.9691309USD. The trading price of NEM (XEM) opened art 0.043536USD on June 17, 2020, and closed art 0.045558USD on June 23, 2020. The difference in weekly trading price within this duration is 0.002022USD the decrease in trading price% is 4.64443219USD.
Factors that are pushing NEM (XEM) higher
Travel Platform Travala Expands Payment Options With XEM
Travel, a help that lets its clients pay for hotel stays with digital currency, has expanded its crypto installment options by adding support of NEM (XEM) tokens.
The NEM Foundation and Travala.com reported the integration of XEM with the travel company’s platform, according to a blog post published by Travala on Jan. 22. As such, XEM joined over 20 other digital currencies supported by Travala’s platform, including Bitcoin (BTC), Ether (ETH), Tron (TRX), stablecoin Tether (USDT), privacy-focused token Monero (XMR) and others.
NEM (XEM) being one the cryptocurrency supported travel, will help XEM to improve more.
NEM Announces Public Testnet Launch, Introduces New Product: “SYMBOL From NEM,” A Next-Gen Full-Feature Blockchain Engine
The NEM Foundation has declared the public test net and a new name for SYMBOL From NEM, the blockchain platform developed under the codename “Catapult.” SYMBOL is a full-featured answer for endeavors supported by a plugin engine that permits effortless interoperability and arrangement. SYMBOL’s plugins empower digital asset creation, decentralized swaps, multi-level multi-signature accounts, advanced account systems, business logic modeling, and interaction between open and private information. In addition to the public release of SYMBOL as a brand, the NEM Foundation invites developers and enthusiasts to join the SYMBOL open-chain testnet.
Chief Technical Officer of NEM Foundation Nate D’Amico said: “SYMBOL is built for scale with frictionless onboarding and adoption for developers and faster POC to production development. We’re excited to welcome the community and partners to participate in our testnet in preparation for becoming validators on our mainnet.”
As unveiled during the successful NEM community vote, SYMBOL embodies a new brand and direction for NEM’s enterprise-focused blockchain solution, which reached complete status at the end of 2019. The subsequent testnet launch is in preparation for the mainnet scheduled to go live in the first half of 2020.
NEM Foundation President Alexandra Tinsman said: “Our goal is to transform the way enterprises do business. We sought to build a safe and workable solution that reduces costs and business friction, builds trust, and expands the flow of ideas to accelerate innovation. The SYMBOL blockchain does all this for a multitude of industries.”
Following the launch of the SYMBOL token, the XEM token will remain as a functioning currency on the NIS1 platform. SYMBOL will coexist alongside the original NIS1 chain—a token allocation opt-in process is currently underway. Current XEM token holders may elect to opt-in on a 1:1 basis for their SYMBOL tokens before or after the snapshot of XEM balances is taken. After the snapshot has occurred, the opt-in period will be several years.
NEM Ventures invests in Cyclebit
NEM Ventures, the venture capital and investment arm of the NEM blockchain ecosystem, has made a strategic investment in Cyclebit, a provider of tools for retailers to accept cryptocurrencies and fiat for in-store, online and on-the-go purchases.
Dave Hodgson, Director, and Co-founder of NEM Ventures says: “Cyclebit is already an established player in the crypto and fiat payments space, and we are excited to make a strategic investment in this project at a time of major growth for the organization. With an existing global presence and the potential to help bring crypto to the mainstream, we are aligned in our vision to bring crypto to mass adoption.”
Cyclebit is committed to bridging a crucial gap in the road to the mass adoption of cryptocurrencies by partnering with brick-and-mortar retailers around the world and installing point of sale (PoS) terminals that permit consumers to pay in crypto. In doing so, Cyclebit is bridging the gap between traditional businesses and shoppers who wish to transact using new digital currencies, which is as of now permitting some Canadian residents to pay their civil tribute in crypto and fiat, for instance. With 200,000+ PoS terminals at present, the platform supports millions of transactions per month.
Further to PoS terminals, the Cyclebit wallet is set to be released in early 2020 in a joint effort with Tangem, who are the creators of the main brilliant banknote for digital assets. The wallet will serve as a universal wallet for all fiat and cryptocurrencies, empowering clients to load their credit cards onto Cyclebit. Users will be able to manage their funds via one wallet while keeping assets secure in cold storage.
By connecting, customers, merchants, exchanges, and coin issuers, Cyclebit fosters a community of users internationally. Situated in Canada, Cyclebit is continuously growing into new markets and regions. The company plans to expand to new territories in the coming months, with launches planned in Japan, Korea, Germany, Italy, and the UAE.
Cyclebit has empowered clients to pay with NEM’s native cryptocurrency, XEM, since 2018, and this strategic partnership investment will further support the development of NEM’s Catapult innovation leading up to its launch in early 2020. It will also provide the ability to scale the existing global service throughout North America, bringing the ability to pay in XEM and Catapult tokens to retailers in those countries.
Sameer Pirani, CEO of Cyclebit, says: “The up and coming Catapult launch will without a doubt make waves in the industry, and we are excited to be partnering with NEM Ventures at this monumental time. This investment makes it possible to continue scaling our PoS terminals globally, and we can’t wait to continue diversifying our user base with a major industry player by our side.”
As the venture capital and investment arm of the NEM Blockchain ecosystem, NEM Ventures advances the development of the NEM innovation through strategic investment in meaningful, high-tech projects. NEM Ventures seeks to invest in projects which demonstrate long-term potential and the desire to promote the growth of the blockchain ecosystem.
People don’t like investing where they will lose and this is one of NEM (XEM) goal they are working to provide a secure and frictionless platform for it users.this will cause users and more investors to come into the system thereby causing it to improve more.
All opinions expressed in the above article are solely of the author’s and do not reflect the opinion of the Global Crypto Alliance Ltd., any of its affiliations or any other company. This article is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. The Global Crypto Alliance Ltd. strongly recommends that readers conduct their own research and due diligence into the company, product or service, if any, that may be mentioned in the above content.