The importance of this is that ShapeShifts’ extensive API is used by many third parties as the back-end to power services helping to provide liquidity to cryptocurrencies. Through ShapeShift’s NEM integration, cryptocurrency ATMs will be able to support XEM, along with many consumer goods websites.
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“At NEM, we are constantly looking for ways to better serve our community and XEM token holders,” said Lon Wong, President of the NEM Foundation. “We’ve received many requests to make XEM more available on exchanges, and our integration with ShapeShift is a major step forward in providing flexibility and liquidity to the community.”
The NEM team is working to integrate ShapeShift into its Nanowallet, to offer similar convenience already available through Changelly. The Nanowallet is a native NEM desktop wallet providing users the ability to directly exchange XEM for other cryptocurrencies.
Since the NEM Foundation announced a $40 million expansion earlier this year, NEM has been rapidly developing Catapult, its second and completely augmented iteration.
NEM’s expansion also includes at 10,000 square-foot Innovation Lab in Kuala Lumpur, Malaysia, which will house the NEM Blockchain Innovation Lab and serve as an accelerator, incubator, and coworking space. The NEM Foundation will also begin operations in Europe starting with a training program for software developers in October.