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NZ cryptocurrency retailer partners with NEM Foundation

05 Jun 18

BitPrime will be working with NEM Foundation Australia and New Zealand to provide a secure and compliant platform for New Zealand residents to buy and sell the XEM cryptocurrency with ease.

Christchurch-based cryptocurrency retailer BitPrime has signed a partnership with the blockchain technology project NEM Foundation.

BitPrime will be working with NEM Foundation Australia and New Zealand to provide a secure and compliant platform for New Zealand residents to buy and sell the XEM cryptocurrency with ease.

BitPrime is used by over 9,000 Kiwis and is New Zealand-owned and operated.

The cryptocurrency retailer has over 50 cryptocurrencies in its ecosystem.

The partnership is a step forward in the cryptocurrency space, coming on the back of Choice Payments, a startup in the Kiwibank FinTech Accelerator programme, raising NZD$1million of the XEM cryptocurrency two months ago.

NEM Foundation was set up to promote the NEM blockchain technology globally with its recently launched US$40 million development fund.

It officially landed in New Zealand in December 2017 and is poised to support the ecosystem through regular education events and partnerships with the blockchain and cryptocurrency ecosystem.

Partnership priorities

BitPrime and NEM Foundation New Zealand will be collaborating on three key areas:

1. Developing a process for New Zealand residents to buy and sell the XEM cryptocurrency through the BitPrime platform, with speed, security and ease.

2. Provide liquidity of the XEM cryptocurrency to the New Zealand dollar (NZD) for technology firms who were successful in raising funds through the NEM Community Fund (like Choice payments)

3. Develop content and educational resources on blockchain and cryptocurrency technologies, to foster greater involvement in the NEM ecosystem.

NEM Australia and New Zealand foundation expansion director Jason Lee says, “Firms like BitPrime are a key part to the blockchain and cryptocurrency ecosystem.

“This partnership will signify a big win for both parties because of the shared commitment to help ordinary members of the public and enterprises to understand and trade cryptocurrencies.”

Equipped with the relevant licensing by regulatory bodies, BitPrime’s clients purchase directly from BitPrime’s own reserves, rather than a third party.

When an order is placed, funds are transferred directly to a wallet that is specified by the clients.

BitPrime does not hold or manage funds like an exchange or broker, avoiding the counter-party risks that these options entail.

So in the event of a hack, BitPrime’s clients are not at risk because they don’t hold any of the client’s cryptocurrency.

BitPrime CEO Ross Carter-Brown says, “BitPrime’s systems are designed to process the orders quickly, while our team are available to give individualised service to larger orders and cater to specific customer needs, the partnership with NEM Foundation will help a spectrum of our clients, from the beginners who want to start purchasing their first cryptocurrency to technology firms who want to build on the NEM blockchain.”

As of June 2018, NEM is the 15th most popular cryptocurrency in the world, with a market cap of NZ$3.2 billion, turning over NZ$20 million a day.