NEM Price Falls Even as Foundation Strengthens Malaysia Ties

NEM is in Malaysia this week readying the launch of its blockchain center and strengthening relationships with government officials.

NEM Price Falls Even as Foundation Strengthens Malaysia Ties

Pretty much all of the cryptocurrencies were seeing red today, and NEM’s XEM coin was no exception, with the NEM price having shed about 7% from its value at last check. Meanwhile the Foundation continues its global expansion, most recently strengthening ties with Malaysia.

This week Foundation is visiting the Malaysian Digital Economy Corporation, the latter of which is a government branch dedicated to protecting Malaysia’s digital economy.  MDEC officials and NEM executives were among those to fill the seats of a giant boardroom table, no doubt discussing ways to build upon the blockchain in Malaysia.

NEM Foundation vice president Jeff McDonald also took the stage with Luxtag CEO Rene B. at a TEDx event in Perak, Malaysia to present new ideas surrounding the possibilities for blockchain, equating the opportunity to the Apollo 11 spaceflight of 1969 that landed the first man on the moon, throwing around phrases like “moonshot.” The audience was largely filled with university students, who NEM gifted with the latest NEO mobile wallet filled with 25 XEM coins each. and MDEC made a splash when they recently partnered to launch the country’s first blockchain center earlier this year in the capital city of Kuala Lumpur. The center will serve as a location for the development of accelerator and incubator programs as well as provide co-cubicles, so to speak.

The blockchain center, which is scheduled to open by year-end, lends itself to another initiative that NEM supports, which is the MDEC’s development of a Malaysia Digital Hub Initiative. The digital hub’s purpose is to bolster the country’s digital economy by nurturing entrepreneurs and startups in the development of technologies.

NEM is engaged with new talent on other levels too, including the NEM Fund, which was established to promote the development of startups on the NEM Ecosystem. LuxTag, a digital solutions provider on the NEM blockchain, was awarded “a no equity taken in exchange subsidy of USD 650,000" in XEM coins.  

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