The NEM Group announced that it will launch a platform on December 7th to link its assets in accordance with the ERC-20 standard on the Ethereum blockchain. to provide the DeFi market with liquidity, it says in a press release Cointelegraph.
The launch in partnership with StakeHound enables the creation of a liquidity bridge to the DeFi ecosystem on Ethereum, where current owners of XEM and, in the future, Symbol XYM can receive returns and rewards. for staking on the platform called StakedXEM, in addition to receiving rewards for trading fees.
The note also notes that NEM owners will be able to earn rewards by immersing decentralized financial products as the project finds its way into this huge industry, which the specialized site currently says is worth more than Has $ 14.54 billion. DeFi Pulse.
Wrapped XEM to empower the masses
Recently, NEM launched its Wrapped XEM asset on the Ethereum blockchain to pave the way to the DeFi ecosystem for its users. The asset that can be accessed or stored in any ETH Web3 wallet like MetaMask was one of the bets made by the Chinese giant blockchain that was successful in the decentralized financial sector.
Regarding the launch of this new product, the CEO of NEM Group noted the following:
“Finding the issue of a censorship-free financial product has been fundamental to the fuel burning that the DeFi Protocol has upheld. At the rate of growth in the industrial segment, Ethereum is likely to be crippled and unlikely to capture that growing value. Entry and growing popularity of derivatives from “wrapped tokens” are considered very topical in order to expand the DeFi protocol considerably.
The Foundation also notes that this move towards DeFi will allow for a greater presence of the Symbol business network, which is due to be launched next January.
“NEM and Symbol focus on corporate solutions. Therefore, putting the liquidity and associated benefits of these tokens in the hands of the community plays a key role in maintaining the decentralization of the network and increasing community engagement. The DeFi dive is another step in adding value to NEM. “
The new Blockchain Symbol platform is a business solution for institutional players, both large and small, operating in various sectors, from asset management to data, finance and logistics, among others.
As Cointelegraph reported late last month, On January 14, 2021, the NEM platform development team expects the launch of its symbol network. From December 3 and for a period of thirteen days, the snapshot will be taken in the platform’s native wallets for the exchange of XEM tokens for XYM, as indicated in the roadmap.
NEM shows interest in a government pilot program in Colombia
In another sense, as part of its growth in the Latin America region, The pilot program announced by the Superfinanciera in Colombia has sparked the NEM Group’s recent interest in the region, according to a press release on November 26th.
Pedro Gutiérrez, Director of Business Development for Latin America and Spain at NEM Software, commented: “It is a fundamental step to open a test room between the digital ecosystem and the national government in relation to crypto assets and to call local companies so that they can exchange digital currencies with bankers in a regulated ecosystem in which crypto assets integrated into the national financial ecosystem as another solution, which from this year will be able to establish an operation between the National Bank and crypto assets without having to rest abroad and it will be possible, for example, to tax this type of activity. “
For NEM, Colombia is an ecosystem with great potential in the regionas explained by the coffee capital to Cointelegraph Español.