The cryptocurrency market can be unforgiving sometimes. And as investors have come to learn, market swings and price volatility are common occurrences. It thus should not cause such an alarm when a crypto dips. However, when the dip only affects one among a few assets, then worry sets in. That was the case with NEM (XEM) investors as we began yet another week in crypto.
Good news is that that could be set to change. In fact, the cryptocurrency has already seen some positive change today.
NEM (XEM) is currently trading at $0.403 against the US dollar. This means the coin has appreciated by 3.17% on the charts in the last 24 hours. This is down from a week ago when XEM/USD traded at $0.45. The trend seems to be turning for the upside and the crypto may be readying itself for a push to return to prices above the $0.5 level.
The main question is whether the recent events may be enough to offer the community any sort of excitement. Here are three reasons why investing in XEM could be a wise move.
Increased penetration as XEM is added to ABRA wallet
Abra is a digital wallet that lets users hold, buy, and sell cryptocurrencies alongside others on the market. Launched earlier in the year, the platform now supports a total of 25 cryptocurrency assets. By adding XEM, the wallet’s developers have opened it for trading to a wider community of users. It can now be accessed by users who can buy it via bank deposits or bitcoin.
While revealing the latest additions, the CEO, and founder of Abra Bill Barhydt said that:
“By adding the five new cryptocurrencies to the already robust list of coins Abra supports, we are continuing to offer exposure to assets that have traditionally been difficult to access in a simple and secure way,”
The wallet makes it easy for those who find operations at a traditional exchange quite difficult to navigate. The increased visibility and market penetration will aid in acceptance and use of XEM. What follows is a possibility of its value gaining momentum from it. You have one more reason to hodl XEM and watch its value grow.
Paytomat joins NEM as an enterprise partner
Paytomat is a decentralized payment provider that focuses on cryptocurrency assets. The deal to join NEM sees it tasked with trying to help XEM gain global mainstream adoption.
But it doesn’t end there; the platform will also find ways to utilize NEM’s robust blockchain technology in its operations. The end result should be more use for the XEM tokens, raising a possibility of improving its value.
In addition, the Ukrainian company will seek to adopt and utilize the Apostille ecosystem on the NEM blockchain to help notarize various legal documents.
Offering his thoughts about the deal, Yurii Olentir, the Paytomat CEO had this to say:
As a further illustration of how he sees the deal coming forth, he said that he had paid for coffee using XEM before. The entire transaction proved the usability of the crypto in real life, taking only 4 seconds to complete.
The Paytomat solution can grow XEM’s adoption in the Eastern Europe region, helping add value.
NEM (XEM) partnered with ProximaX to introduce decentralized crowdfunding on the NEM blockchain. The partnership could prove to be a game changer for NEM as it seeks to carve a niche for itself in the dApps and smart contracts space.
The ProximaX platform will channel several businesses and blockchain start-ups to the NEM ecosystem. All these opportunities will arise due to the popularity of decentralized crowdfunding in the blockchain industry. By eliminating the need for intermediaries, ProximaX could contribute to the growth and use of XEM.
The partnership also opens up the NEM blockchain for more developers to join as it makes it easier to raise funds from supporters and backers. There are actually countless possibilities with this in place.
While there is no question that it will eventually make XEM valuable, it’s the short-term effect that really matters. An increased traffic of blockchain developers is a good start for XEM and the ecosystem.