June29 , 2022

    Japan-Based BitFlyer Crypto Exchange Lists NEM (XEM)

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    This listing is intended to allow NEM’s Japanese community to benefit from bitFlyer’s liquidity. NEM’s Symbol launch will occur this year, and XEM holders can participate. As the crypto market rallies, XEM crosses PS0.0455 for the first time in a month. Furthermore you can visit this site on how to make profit trading in the crypto market.

    BitFlyer, a leading Japanese exchange, has now added support for XEm (NEM NIS1’s native cryptocurrency asset). NEM announced this via a blog post on Aug 6, noting that the listing would allow NEM’s vast Japanese community to benefit from the liquidity of bitFlyer’s crypto trading platform.

    What is BitFlyer?

    It is a company that you can find in Tokyo. This private company runs the most significant cryptocurrency exchanges with 2.5 million users. In addition, Bitflyer also works on other technologies related to crypto. For using this, you can enter the bitcoin amount in the amount box and enter the amount of Bitcoin you want to sell and the price you would like to sell it in the Price box. Next, choose from the limit, market, and particular order. Finally, to place an order, press the SELL button. 

    Launch of NEM’s Symbol

    This news comes as NEM anticipates symbol launch, a next-generation enterprise-grade blockchain solution. The solution is designed to reduce costs, ease problems, and facilitate innovation. In addition, the symbol is said to be flexible, faster, more secure, and easier to use, making it the best-in-class blockchain enterprise solution.

    The company plans to launch the Symbol chain simultaneously with NEM NIS1. This launch will give XEM holders agency. XEM holders would receive an XYM balance equal to their XEM holdings as of the snapshot by opting in. XEM holders would then be able to participate in the official rollout Symbol before 2020 with a XEM=XYM allocation.

    NEM’s Japanese users will benefit from the liquidity offered by bitFlyer, and the listing will prepare XEM owners for the upcoming launch Symbol from NEM. Symbol, a next-generation solution for blockchain technology, is designed for enterprise use. Symbol (codename: Catapult) is a complete rewrite of the NEM protocol. 

    The symbol is due to launch in the second half of 2019. It developed the symbol in 2018. It created the symbol to reduce costs, simplify complexity, and facilitate innovation. The symbol will significantly increase flexibility, security, and speed improvements over the original NEM Blockchain.

    Jeff McDonald, the co-founder of the NEM Foundation, states that the NEM developers team has applied all the lessons learned from running version 1 in production for four years. “Symbol is now a more efficient, scalable, feature-rich protocol. McDonald’s explained that it would be the core NEM engine and power public and private blockchains.

     XYM will be the native currency for the Symbol public Blockchain. You will use it for transaction payments to encourage the network of public nodes processing transactions.

    When the NEM public chains are released, They will transfer some data to symbols. All XYM will go to symbols when the public chain starts. It will be based on the XEM account balances of each user on the NEM blockchain. XEM to XYM will be 1-for-1. It means that 1 XEM on the NEM blockchain gets a holder 1 XYM at Symbol. Each account holder must manually claim all allocations. Other data such as multi-signature account configurations and root namespaces will also need to be migrated.

    XYM will then be assigned based on the user’s XEM balance on-chain. Therefore, NEM recommends that users transfer XEM from exchanges to an on-chain account. Although some exchanges might offer migration to their users, it is best to keep XEM in your on-chain account.

    The team will take a snapshot at a block of the NEM chain several weeks before launch. This block will see allocations finalised. Transactions made after the snapshot block do not affect the new symbol chain.

    Although the NEM team hasn’t yet revealed when the snapshot will occur, they will make it known well in advance to allow all users to make arrangements. In addition, snapshot data can be audited and made transparent.

    Final Words

    This news comes as XEM trades positively. This bullish momentum has led XEM to surpass the PS0.0455 mark for the first time in over 30 days. The coin sells at PS0.046 as of the writing. It is a 6.85% increase over the last 24 hours. XEM The coin currency is in 29th place on CoinMarketCap’s Top-100 List and has a market capitalization of PS413 million.

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