The famous cryptocurrency network NEM has experienced a price increase on its cryptocurrency XEM. October started very positively for this virtual currency that has lost more than 95% of its price since January.
NEM Price Surprises the Market
NEM price moved from $0.096 to $0.113 in just a few days, that represents an increase of 17.7%. The cryptocurrency market during that time remained stable with a total valuation of $220 billion dollars. Currently, NEM’s cryptocurrency has stabilized close to $0.107 dollars. In the last 24 hours, it registers a 4.37% increase.
There is an apparent explanation for NEM’s price to have grown in this way. This price movement can be attributed to a partnership signed between NEM and Portal Network.
In a blog post released by NEM, the company informs that it has signed a partnership with Portal Network. The main intention behind it is to build the NEM Name Service (NNS), a decentralized domain name service on top of NEM’s blockchain.
Portal Network is a decentralized platform that provides solutions to blockchain projects. It provides protocols and projects with ‘Blockchain Name Service’ (BNS) standards. The company has also developed a product suite that allows users to create and deploy decentralized websites (dWeb).
At the same time, Portal Network will be developing the NEM Naming Service and the NNS explorer. It will work on the deployment of the NNS resolver contract and many other things.
Christopher Shen, Founder and CEO of Portal Network says that the company is very excited about working with NEM.
On the matter, he commented:
“We are excited to work with NEM and bring decentralised domain names to the awesome NEM community. With NEM Name Service, interaction with NEM will be made a lot easier.”
This is very important for NEM. At the beginning of the year, one of the main exchanges in Japan, Coincheck, experienced a hack. The attack resulted in the loss of $500 million dollars or 523 million NEM coins. Since that moment, NEM cannot recover the price it had at the beginning of the year.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.