NEM Foundation partners with NZ cryptocurrency exchange, BitPrime 12273
News
Chaitanya Thammaya
Jun 5, 2018 at 6:25 PM

NEM Foundation Australia and New Zealand will be working with BitPrime to build a secure and compliant platform for cryptocurrency trading. The platform will enable New Zealanders to buy and sell their XEM digital currency easily. The Christchurch-based cryptocurrency retailer, BitPrime has over 9000 clients who trust them and the BitPrime ecosystem has over 50 cryptocurrencies.

NEM announced their collaboration in a tweet,

“Christchurch-based @bitprimeNZ will be working with NEM ANZ Team to provide a secure and compliant platform for New Zealand resident to buy and sell with ease, the NEM Blockchain cyrptocurrency — $XEM. http://bit.ly/NEM-NZ-BitPrime-Partnership …”

This collaboration coming right after Choice Payments raised XEM worth NZD$1million, is a step forward for NEM in the crypto space. Choice payments is a startup in the Kiwibank FinTech Accelerator programme.

BitPrime and NEM Foundation will be working together on these three main areas:

  • They will develop a safe, secure and compliant platform through which NZ users can buy and sell their XEM cryptocurrency. This BitPrime platform will also ensure that transactions are conducted speedily.
  • Technology firms that successfully raise funds through NEM Community Fund will be provided with liquidity of XEM cryptocurrency to the New Zealand dollar (NZD).
  • Foster greater involvement in the NEM ecosystem by developing content and educational resources on Blockchain and cryptocurrency technologies

Jason Lee, the foundation expansion director of NEM Australia and New Zealand says,

“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.”

The platform will have the requisite and relevant licences from the regulatory bodies. So BitPrime’s clients can purchase directly from BitPrime’s own reserves, rather than relying on a third party. When a user places an order, the funds are directly transferred to the specified wallet. Unlike exchanges and brokers, BitPrime doesn’t hold or manage funds. Thereby avoiding the counter-party risks that result from these options. So BitPrime’s clients are not at risk in case of a hack because they don’t hold the client’s cryptocurrency.

Ross Carter-Brown, BitPrime’s CEO says,

“BitPrime’s systems are designed to process the orders quickly, while our team 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.”

With a market cap of $2.2 billion, NEM is currently the 15th most popular cryptocurrency in the market. NEM’s cryptocurrency XEM is also making waves with it being accepted as a mode of payment in several Australian businesses.

Image via Shutterstock

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