The partnership signifies a big step forward in the cryptocurrency space as Choice Payments, a startup in the Kiwibank FinTech Accelerator programme, raises NZD$1 million of the XEM Cryptocurrency just two months ago.
NEM Foundation is currently one of the most well-funded and successful blockchain technology projects in the crypto industry. It was set up to promote the NEM blockchain technology globally with its recently launched USD$40 million development fund. It officially landed in New Zealand in December 2017 and is poised to support the ecosystem through regular education events and partnerships with the blockchain and cryptocurrency ecosystem.
BitPrime and NEM Foundation New Zealand will be collaborating on 3 key areas:
1. Developing a process for New Zealand residents to buy and sell the XEM cryptocurrency through the BitPrime platform, with speed, security and ease.
2. Provide liquidity of the XEM cryptocurrency to the New Zealand dollar (NZD) for technology firms who were successful in raising funds through the NEM Community Fund (like Choice payments)
3. Develop content and educational resources on blockchain and cryptocurrency technologies, to foster greater involvement in the NEM ecosystem.
“Firms like BitPrime are a key part to the blockchain and cryptocurrency ecosystem. This partnership will signify a big win for both parties because of the shared commitment to help ordinary members of the public and enterprises to understand and trade cryptocurrencies” -Jason Lee, Expansion Director for Australia and New Zealand for NEM Foundation
Equipped with the relevant licensing by regulatory bodies, BitPrime’s clients purchase directly from BitPrime’s own reserves, rather than a third party. When an order is placed, funds are transferred directly to a wallet that is specified by the clients. BitPrime does not hold or manage funds like an exchange or broker, avoiding the significant counter-party risks that these options entail. So in the unlikely event of a hack, BitPrime’s clients are not at risk because they don’t hold any of the client’s cryptocurrency.
“BitPrime’s systems are designed to process the orders quickly, while our team of experts are available to give individualised service to larger orders and cater to specific customer needs, the partnership with NEM Foundation will help a spectrum of our clients, from the beginners who want to start purchasing their first cryptocurrency to technology firms who want to build on the NEM blockchain” -Ross Carter-Brown, CEO of BitPrime.
What is NEM?
NEM is the world’s first “Smart Asset” blockchain, built with businesses in mind. NEM is a world-class platform designed to offer a streamlined method to maintain a secure ledger of transactions. NEM’s blockchain technology offers the potential to drastically simplify an enormous variety of secure ledger and transaction tracking systems. It provides an adaptable API interface that can be used with any programming language. Designed with modular customisation in mind.
As of June 2018, NEM is the 15th largest cryptocurrency in the world, with a market cap of NZD$3,2 billion, turning over NZD$20 million a day.