NEM Hits Above $0.1 After Partnership and Expansion Reports

Oct 22, 2018 at 21:05

NEM (XEM), the world’s 17th largest cryptocurrency, has booked a 2.61 percent surge in its value after reports came out about its partnership with another altcoin and plans to expand in Australia.

XEM hit a value above the $0.1 mark when the company behind it revealed about an active partnership with CloakCoin, an altcoin known for having a quick, private, untraceable and user friendly transaction system with guaranteed fungibility.

Analysts also mentioned that NEM’s announcement of its current efforts in setting up a blockchain hub in Melbourne, Australia was also a major factor in the coin’s emergence.

As of this writing, XEM is treading at $ 0.099 with a market cap at $892 million.

Notably, NEM Advisor Jeff McDonald also had a recent talk during the 44th Philippine Business Conference and Expo talking before the country’s moguls and businessmen about how the adoption of blockchain technology will help various industries to grow more.

It can be recalled that NEM’s activity in the Philippines is quite active. Last July, a NEM-based cryptocurrency, LoyalCoin partnered with the country’s leading ride-hailing platform, Grab, to allow riders to make payments in the form of the said coin.

The full story about the said deal can be read here.