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NEM [XEM] surges by over 8% as the foundation releases funding proposal

Namrata Shukla

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NEM [XEM] surges by over 8% as the foundation releases funding proposal
Source: Pixabay

The cryptocurrency market has been stuck by the bear attack, but few coins are still managing to perform well. NEM [XEM] is one of the coins, which is striving to better itself as the market sentiment shows strong support. The coin has surged by over 8% in the past 24 hours after being mulled by the bears.

Source: CoinMarketCap

Source: CoinMarketCap

At the time of press, XEM was valued at $0.0374, with a market cap of $337 million. The coin registered a 24-hour trading volume of $13.8 million while noting a growth of 8.20% over the past day. The coin saw a sudden jump in its value on February 7 as the announcement of NEM foundation releasing its funding proposal was made. This news resulted in the price of the coin pumping, and the coin which was falling by 17.25% over the week, saw strong growth of 1.61% within an hour.

Source: Trading view

Source: Trading view

The coin immediately corrected itself as a sharp fall was visible in its value. The coin recorded the highest trading volume on Exrates, with a volume of $2.7 million on the XEM/BTC pair. Binance recorded the second-highest trading volume of $1.5 million with the XEM/BTC pair, followed by Kryptono, which registered a volume of $1.2 million with the XEM/ETH pair.



The funding proposal released by the NEM foundation is to fund and restructure its plan for this year. The foundation plans a total rebuilt of its operating structure, which is important due to its rough start where there were bankruptcy rumors against the foundation and the contentious exit of its President Lon Wong.

The foundation is trying to rebuild itself from scratch and their only mission is to establish a renewed focus under the new leadership and create a foundation that exists to serve and support its community.





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Altcoins

Rabobank announces plans to drop its crypto-project

Sarvesh Kumar

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Robobank to drop its plans of having their own crypto-wallet
Source: Pixabay

Rabobank, a bank based out of The Netherlands, has decided to drop their idea of creating their own native cryptocurrency called Rabobit. The bank had announced their cryptocurrency plans in February 2018. Rabobank was looking at closing the gap between banks and cryptocurrency wallets. However, they have taken this decision after exploring the field for more than a year.

According to a report by Hard Fork, a spokesperson from the bank said,

“After careful consideration with our customers in mind, we recently decided that now is not the time to develop the idea further and bring it to the next phase of innovation”

Their cryptocurrency idea was part of the Rabobank Moonshot program, which was looking at boosting innovation in Fintech services. The bank does not consider their research a waste, but the same has led to valuable insights and experience in general, the spokesperson added

The spokesperson also said,



“We have learned valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications.”

The spokesperson cited regulatory uncertainty as the reason why the Dutch institution pulled out of the project. Although the bank has dropped the idea, they will be keeping a tab on the market and the regulatory changes in the industry.

Rabobank is not the only bank to drop the idea of having a cryptocurrency wallet. Recently, ABN AMRO, another Dutch bank, also dropped their plans of “Wallie,” their own cryptocurrency wallet. The reason for their drop was also with respect to regulatory conditions in the industry.





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