NEM (XEM) partners with the staking service platform MyCointainer

Written by: Ali Raza
November 11, 2020
  • Partnership is set to strengthen the ecosystem and enable NEM to serve its users with more staking options.
  • NEM says staking in MyContainer is very easy and similar to what is obtainable elsewhere.
  • The MyContainer platform will be open to both new and old customers who want to tap into the benefits.

NEM (XEM) is partnering with MyContainer, a new staking service platform, to further strengthen the financial ecosystem. “We are pleased to announce a new strategic partnership with MyCointainer.” the announcement on NEM’s blog reads.

As the new partner, MyContainer will assist in providing staking options that are more accessible to NEM users, according to the announcement.

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NEM wants to explore multiple opportunities in the collaboration, which will be beneficial to both the users and the platform. As a result of the new partnership, XEM can lock into the CDPs (Collateralized Debt Position), allowing XEM the coin holders to use it as collateral for the BAI stablecoin.

NEM is collaborating with MyContainer to strengthen its network and allow the users to participate in DeFi.

Offering staking options for ZEM holders

For many crypto holders, staking is fast becoming a standard option, and many crypto projects are now offering the option for users to have extra earnings from their investments.

Although there are few differences between different staking services, the process of locking assets and earning rewards is still similar. MyContainer is one of the platforms that offer a similar staking option for users, which will begin as the partnership is launched. As a result, XEM holders will be eligible to lock their holdings in the MyContainer wallet and earn staking rewards from them.

Users who are confused about staking XEM in MyContainer are assured that it’s similar to other wallets and coins. Users will have total control over their holdings and monitor the staked asset over the platform. They also receive their rewards easily through applications.

Users who keep their stakes longer are offered higher rewards, which is the same with other staking platforms, according to NEM.

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The partnership will benefit both the platform and its users

The NEM group said the partnership will be open to new users. Even mainstream financial customers who need similar services will also benefit from the platform, as users are poised to benefit from the staking process.

NEM also pointed out that it’s easy to stake XEM in MyContainer. An existing user can log in to their account while a new user can take easy steps to sign up for a new account. They can transfer their desired amount of XEM into the staking wallet, as MyContainer starts generating rewards according to the number of algorithms.

The NEM group ensures the development of a secure and trusted enterprise blockchain, which increases the exchange and protection of assets.