Friday, January 27, 2023

NEM, Blockchain Global to Open Malaysia Center in $40 Million Expansion

NEM, Blockchain Global to Open Malaysia Center in $40 Million Expansion

On June 29th, the Foundation announced that it would be partnering up with Blockchain Global as part of a $40 million USD global expansion plan that includes opening a non-profit Blockchain Center.

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NEM Partners With Blockchain Global

According to their press release, the partnership is aimed at expanding NEM’s reach while facilitating mainstream adoption of blockchain technology internationally.

NEM logoTheir first initiative will be to open a non-profit “Blockchain Center” in Kuala Lumpur, Malaysia, to serve as an incubator, accelerator, and coworking space.

Additionally, NEM also plans to work with Blockchain Global to develop a cryptocurrency exchange for NEM-related projects — something Blockchain Global has experience doing. It previously built, currently Australia’s largest bitcoin exchange by volume.

According to Stephen Chia, the foundation’s regional head in Southeast Asia, the collaborative effort to create a digital exchange is a “natural partnership” considering Blockchain Global’s history of building exchanges.

He also added that the purpose of creating an exchange exclusively for the NEM ecosystem is to provide a platform to help other companies list their tokens on the open market.

“By providing this platform, our partners gain a full ecosystem as they expand their reach. As we plan more hubs around the world, the exchange would be well positioned for growth as more NEM projects are listed on our own exchange.”

Blockchain Center and NEM Innovation Lab

The so-called “Blockchain Center” is intended to open in August 2017 and will be located in a 10,000 square-foot area in Malaysia.

It will also house NEM’s Blockchain Innovation Lab, a headquarters for research and development as well as regional support for organizations interested in using the NEM platform within their IT infrastructures.

It will be engaged in research involved in fintech applications and. In addition, it will participate in NEM blockchain use cases for non-fintech industries such as security, logistics, gaming, insurance and asset traceability.

Furthermore, Chia told Bitsonline that NEM Lab would try to seek out other uses of their blockchain that they consider innovative and trial these applications in its labs.

They would also like to tap into Malaysia’s natural resources — one admitted reason for locating the Blockchain Center in the country.

One resource in particular that they’re looking at is the country’s labor force, saying that the “ready pool of multi-language and multi-cultural talents make it a perfect base for [our] blockchain to grow in the Southeast Asian region.”

In all, the Foundation is expected to spend around $40 million in the next year to fund its global expansion programs. $5 million will be allocated towards supporting blockchain companies incubated in the Blockchain Center.

What do you think of NEM’s partnership with Blockchain Global? Let’s hear your thoughts below.

Images Via Blockchain Global  and Altcoin Today

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