Vimba adds support for XEM

Cryptocurrency exchange Vimba added support for XEM today. XEM is the token that powers the peer-to-peer blockchain platform known as NEM (New Economy Movement).

Led by CEO Sam Blackmore, Vimba provides a user-friendly and fast way to buy cryptocurrency in both New Zealand and in the UK. Vimba is one of just two cryptocurrency exchanges that connects to the UK’s FPS (Faster Payments Service) bank network.

Unlike the majority of cryptocurrency exchanges, Vimba follows a non-custodial business model. This means that rather than providing a hosted wallet service to their users, Vimba deposits funds directly into its customers’ own wallets.

In addition to XEM, Vimba users can also buy and sell Bitcoin and Ethereum quickly and easily.

Vimba’s decision to list NEM comes on the heels of news of a partnership between the two companies, which was announced earlier this month.

“NEM is a quality community driven project, run by the people for the people, which aligns with the ethos at Vimba. The investment is going to enable Vimba to grow into new regions, develop the platform further, providing a safe and trusted gateway to the new economy.” - Sam Blackmore, Founder and CEO of Vimba.

One of NEM’s most notable features is its Smart Asset System, which gives blockchain developers the ability to quickly build and iterate new fintech systems, logistics networks, ICOs and many other software products.

Because NEM adds a new block to its blockchain ever 60 seconds, payments are cheaper and faster compared to other blockchain networks. This makes NEM more practical to use in everyday business scenarios.

NEMPay-- an open source payment app that has features that are similar to PayPal-- is just one example of an NEM-based application that is already live. NEM-based rewards programs are already up and running, as well. Hitachi’s Mijin-- a private blockchain network that was derived from and interlinks with NEM-- is hosting Hitachi’s own rewards platform.

In addition to NEM’s Smart Asset System, another innovative aspect of NEM is that it uses a new type of algorithm to process transactions: Proof-of-Importance. Because Proof-of-Importance doesn’t require massive amounts of computing power, it’s more eco-friendly compared to Proof-of-Work-- the algorithm used by Bitcoin and many other cryptocurrency networks.

Proof-of-Importance also has several advantages over Proof-of-Stake-- the algorithm that Ethereum is currently in the process of adopting. Proof-of-Stake gives nodes that hold large amounts of a network’s cryptocurrency a greater chance to earn the right to add a new block to the blockchain. Stake size is just one of several factors that the Proof-of-Importance algorithm uses to determine which node receives the reward. The new algorithm is designed in such a way that gives smaller stakeholders a greater chance of earning rewards.

According to CoinMarketCap, XEM is the 16th highest volume coin on the market. It reached a high of ~17B market cap in early 2018.

“NEM is different compared to other blockchain projects because companies are already using it to improve their workflows and make their processes more efficient. That is just one of several reasons why we believe that giving people in the UK and New Zealand better access to NEM will benefit the cryptocurrency industry as a whole,” Blackmore said.

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