The NEM.io Foundation announced a $40 million spending plan for the next year to drive its blockchain platform across global markets. Of that, $5 million will support companies in the Blockchain Cente
The NEM.io Foundation announced a $40 million spending plan for the next year to drive its blockchain platform across global markets. Of that, $5 million will support companies in the Blockchain Center, a 10,000-square-foot facility set to launch in August 2017 in Kuala Lumpur, Malaysia, serving as an incubator, accelerator and co-working space.
The center will house the NEM Blockchain Innovation Lab, which performs research and development and supports organizations implementing NEM's blockchain. The NEM.io Foundation and Blockchain Global, an Australian blockchain company, unveiled a partnership today centered on the facility and broader ecosystem expansion.
"The opening of a non-profit blockchain center in Malaysia allows both Blockchain Global and NEM to pursue our missions to foster mainstream innovation and adoption internationally," Sam Lee, CEO of Blockchain Global, said. "We're proud to work with the NEM.io Foundation, as we believe their blockchain technology platform is the future standard for mainstream enterprise and organizational infrastructures."
The partnership extends beyond the physical space. Blockchain Global and NEM plan to build a cryptocurrency exchange for the NEM ecosystem. Blockchain Global operated ACX.io, Australia's largest Bitcoin exchange by volume.
"We're excited to partner with Blockchain Global in this rapidly evolving blockchain ecosystem," said Lon Wong, president of the NEM.io Foundation. "This strategic alliance will fuel expanded reach, deeper collaboration, and multiplication of value as we journey towards developing blockchain hubs around the world."
A Singapore-based non-profit, the NEM.io Foundation champions the NEM blockchain platform. The platform launched in 2015 and introduced several mechanisms: a proof-of-importance algorithm, multisignature accounts, encrypted messaging and a reputation system. Japanese startup Tech Bureau operates a commercial blockchain called Mijin that runs on NEM technology. Tech Bureau also owns the Zaif exchange. Several major institutions have tested or deployed Mijin, including Hitachi, Infoteria and SBI Sumishin Net Bank, Japan's largest trust bank.
NEM's cryptocurrency token, XEM, ranks as the world's sixth largest by market capitalization at $1.49 billion. The token trades at 0.1659 USD and has climbed 4,779 percent since the start of the year.
