NEM Surges Amid Strong Fundamentals


Even as the coin market vacillates, a few coins are having a good run this week. NEM is up 3.27 percent as one of the biggest gainers among the top coin in the past 24 hours. At a point, the coin was up by 10 percent before correcting later. The upsurge was attributed to a recent announcement of a partnership deal in the UAE.

According to the recent release, the NEM Foundation signed a memorandum of understanding with the Emirates’ Ministry of Communications Development. With the MoU, NEM would be offering blockchain consultation services to the MOCD.

NEM blog post reporting the partnership stated that,

“The memorandum of understanding (MoU) was signed between Her Excellency Sana Mohamed Suhail, the Undersecretary of the UAE’s MOCD and Stephen Chia, Regional Head of NEM Southeast Asia and NEM Foundation Council Member.”

Other areas of cooperation between NEM and the ministry is in data sharing with regard to research and development carried out by the foundation on blockchain applications that could be of use to MOCD.

The emirate wants to run a fully digitized government by 2021. The move is part of the drive to accomplish the vision.

The agreement was signed during the Gulf Information Technology Exhibition (GITEX) held in Dubai on October 14 to 18.

Speaking on the NEM drive which led to the agreement, Stephen Chia, the Regional Head of NEM South East Asia said,

“Our collaboration with MOCD is just one of the many engagements by our NEM UAE team with the UAE and Dubai government administration to implement blockchain in their systems. We, at NEM look forward to support the Dubai government in their vision to be a fully digital government by 2021, and their goal of being world’s first blockchain powered city by 2020.”

The NEM report continued by stating:

“According to Her Excellency, Sana Mohamed Suhail, the MOCD seeks the promotion of social work to achieve community coexistence through the development of integrated policies and the provision of integrated and innovative social works. This combined with a stimulating working environment that is in accordance with the best international standards is to satisfy all the demands and needs of the community categories and ensure their access to easy and fast services.”

The NEM Foundation is pushing for greater adoption through the introduction of blockchain hubs in Melbourne and Vietnam. The program is meant to expand the NEM research and development.

The NEM expansion move has led to increased adoption of the digital coin. This has also led to more listing for the coin at exchanges. BitPanda is already planning to list the coin against other tokens such as Bitcoin, Ethereum, Ripple and IOTA while increasing liquidity of the trading platform.

Another exchange, Kuna, a Ukrainian company is also planning to list NEM. The exchange will launch NEM-fiat and NEM-crypto pairs soon.

The recent surge in NEM price has been attributed to these fundamental indicators, however, there are insinuations that NEM whales may be responsible for the recent spike in price of the token.

The coin is presently trading at $0.098 as it continues to make corrections after the sudden rise.


Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative reviews.

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