Once termed as the hope of the crypto world by some analysts in the field, NEM (XEM) has fallen off its once famed glory since the infamous hack on Japanese cryptocurrency exchange, Coincheck in January this year. The hack left investors bleeding off $500 million USD worth of XEM that was lost in the unfortunate event. In the past few weeks, NEM.io Foundation, the main developer of NEM blockchain has announced a couple of events and partnerships to take place in Australia, one of the leading countries in adoption of cryptocurrencies. The move is set to drive up the adoption of NEM in the country with a long term global adoption scheme in future.
The $500 million hack effect on NEM (XEM)
This constituted the largest hack yet on any cryptocurrency exchange at the time, bigger than Mt.Gox scandal. Coincheck exchange had to close down operations after the hack with the board coming out to apologize its security failures. The events hurt the progress and development of NEM blockchain, leading to a dent in the price of the native token, XEM on the charts.
The hack caused a huge distrust by investors in both the exchange and NEM as the two passed blame to each other before finally resolving the problem. The hack caused XEM to face a great selloff at a time the market was onto the start of a bear trend. As the market prices dropped, XEM dropped harder.
The hack however was mitigated by the recovery efforts for the lost coins by the exchange and NEM development teams. Coincheck was able to repay NEM holders over $430 million USD at time of hack and promised further payments to the investors during the course of the year.
NEM (XEM) traded at a high of $1.88 USD in January but by the end of February, the coin had reached less than $0.40 USD a token. The heavy drop in price reversed after the announcement of recovery of a large chunk of the hack amount. However, the price is still struggling to recover as XEM trades at $0.100820 USD. The hack caused NEM to drop off the top 10 largest cryptocurrencies in the world to a current position 17 as the market capitalization dipped from an all-time high (ATH) $17 Billion USD to slightly above $900 million USD today.
‘Project Australia’ to the World
Australia constitutes one of the friendliest areas to the adoption of cryptocurrencies. NEM in particular has a fair share of investors and community members in the country leading to an increased interest by NEM.io Foundation in the region.
Partnership with Liven, dining app
The latest partnership between Liven, an Australian based dining app and NEM blockchain will be key in taking over the Australian cryptocurrency market. The partnership will enable access to payments with XEM at hundreds of outlets in Australia and also utilize the NEM blockchain Apostille function, which is a timestamp on the NEM public blockchain. The Liven wallet will also be built on the NEM blockchain.
NEM.io hub opens in Melbourne
The NEM.io Foundation launched a hub in Melbourne earlier in the month to support blockchain innovation in the country.
“Blockchain is a fast-growing and evolving technology, and LaunchVic is pleased to welcome NEM.io Foundation to the Victorian Innovation Hub. This is set to become a multi-sector co-working facility that celebrates collaboration and innovation for more than 360 of Australia’s top startups, accelerators and incubators.” – Kate Cornick, LaunchVic CEO