ShapeShift, a Switzerland-based instant cryptocurrency exchange, is adding NEM's XEM token to its offerings. The company, founded in 2014, operates an exchange where traders can convert bitcoin and al
ShapeShift, a Switzerland-based instant cryptocurrency exchange, is adding NEM's XEM token to its offerings. The company, founded in 2014, operates an exchange where traders can convert bitcoin and altcoins. ShapeShift never uses banks or government-backed currencies. Its "no fiat" policy means all transactions stay within the cryptocurrency world. The platform works through both a website and API, supporting dozens of cryptocurrencies including Bitcoin, Ethereum, Monero, Zcash, and Dash.
Traders consider ShapeShift the fastest and most efficient way to swap coins within the cryptocurrency ecosystem. Lon Wong, president of NEM.io Foundation, welcomed the partnership. "We've received many requests to make XEM more available on exchanges, and our integration with ShapeShift is a major step forward in providing flexibility and liquidity to the community," Wong said. "We are constantly looking for ways to better serve our community and XEM token holders."
XEM ranks as the world's seventh largest cryptocurrency, with a market value of $1.7 billion. The token trades at $0.19 per coin, up 5,000% from the start of 2017, according to Coinmarketcap.
NEM plans to embed ShapeShift into Nanowallet, its native blockchain wallet. Once integrated, users can exchange XEM for other tokens through the wallet app. Through this integration, cryptocurrency ATMs can now offer XEM and online retailers can accept the token.
The NEM.io Foundation, the nonprofit overseeing the NEM blockchain platform, announced a $40 million expansion drive earlier in the year. That plan features a 10,000-square-foot Innovation Lab in Kuala Lumpur, Malaysia, which will serve as an accelerator, incubator, and coworking venue. Foundation leaders will begin their European push in October with a software developer training program. Wong said the team planned to establish a smaller office in Warsaw, Vienna, or London, with two to five employees, then expand across the wider European region.
NEM developers have been working on Catapult, the protocol's next major release, scheduled to arrive before the end of 2017. The upgrade increases throughput, flexibility, stability, network communication, and scalability. Wong highlighted push and pull transactions as a significant feature of Catapult. He explained how they work: "What will be the biggest change is that Catapult will allow push and pull transactions. Push means when you sent a transaction, and Pull is when you request the other party to sign off. If I do a push-pull transaction it means when I send you X dollars, you send me Y XEM. I push one coin and I request a pull of XEM. If you sign off and I sign off, the deal is done. There are multiple parties. I can send it to you, you can send it to me, I can send it to my friends, they can send it to you etc. If everybody agrees we sign off and the deal is done. So it gives us a lot of creativity to do a lot more things, and this is a really important feature."
