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NEM Moves Past Coincheck Hack, Sees Good Growth

Mon, 04/16/2018 - 09:31
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Darryn Pollock
NEM is looking at life after the Coincheck, launching new products and sees good growth
NEM Moves Past Coincheck Hack, Sees Good Growth
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NEM, the digital currency that was the center of the massive Coincheck hack, is looking to put that negative press behind it as it again shows some good growth over the last few days. Since the middle of last week, the coin known as the ‘Asian Ethereum’ has been steadily growing with a spout of good news.

The developers of NEM have been spotted being quite active and positive after the hack, and the currency has also been included on Pundi X, the Indonesian based Blockchain startup’s first Blockchain based point-of-sale terminal device.

Moving on

NEM currently sits in at 12th in terms of coin market cap, but over the last seven days, the coin’s growth has gone from $0.22 to topping $0.37 at its highest point early on Monday. Its best 24 hours saw the coin go up as much as 15 percent, and while many markets are in the green currently, it is an impressive performance. Over the past month, it has regained all losses and is trading at the same level once again.

High profile meetings

The NEM developers have been looking to push towards both the middle east and into South America, going beyond their borders in just Asia. In February, they held a meeting which they tried to target some high profile players such as Sheikh Rashid Al Maktoum, IMF chief Christine Lagarde, and even former US President Barack Obama at the World Government Summit.

In South America, NEM partnered with SynergyCryptoAdviser of Colombia. According to the terms of this partnership, SynergyCryptoAdviser will create awareness about the value of XEM to investors and developers all across South America.


New payment option

There is also inclusion of NEM in a new point-of-sale terminal that is being put out by Pundi X, an Indonesian based Blockchain startup. The device makes the cryptocurrency to fiat or fiat to cryptocurrency transactions easier for retail store owners and will be used for Dollars, Rupiah, Baht, etc, converting them into BTC, ETH, XLM, QTUM, PXS and of course,  XEM.

Lofty ambitions

It is not only the fact that NEM is trying to push past their hiccup that was suffered in the Coincheck hack, but they also have big ambitions. Former vice president of NEM, Jeff McDonald, spoke to CryptoComes and explained how they believe they are superior to Ethereum.

“I think that our technology has been fundamentally designed as more stable and secure. Literally every day, projects are leaving Ethereum and coming to NEM. We've lost one project from NEM to Ethereum, and that was for financial reasons. I think that the data on the ground is showing that people who are building applications prefer NEM over Ethereum. Now we need to build on that momentum and scale it out,” McDonald said.

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About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.