PlasmaPay integrates XEM, NEM’s native currency to its DeFi Dashboard

By Pavithra R

PlasmaPay, a global payment and remittance platform for people and digital business has announced the addition of NEM’s native currency – XEM to its DeFi dashboard, Plasma.Finance. 

XEM is the native currency of the NEM NIS1 public blockchain which is used to pay for transactions to incentivize the network of public nodes that process and record transactions. The partnership between the companies is expected to provide a seamless cryptocurrency on/off ramp for XEM, and lending and borrowing options via PlasmaPay’s innovative digital payment platform. 

“We are proud to partner with PlasmaPay as this will hugely benefit our community members, both in terms of easy access, via fiat on/off ramps, but also the longer-term for those who want to participate in the DeFi market. PlasmaPay is an intuitive platform that makes it effortless for users to participate in cryptocurrency. The partnership further strengthens the NEM ecosystem and network going forward. We look forward to working with PlasmaPay closely over the coming months,” said Iain Wilson, CFO for NEM Group.

The long-term alliance between PlasmaPay and NEM will see the integration of XEM liquidity mining pools, including wXEM/USDT and wXEM/ETH to PlasmaSwap, PlasmaPay’s token swapping service, enabling decentralized trading, lending and borrowing services. The NEM ecosystem has plans to launch Symbol, a trusted and secure enterprise blockchain, in the first quater of 2021, which will continue to run alongside the NEM NIS1 blockchain.

“NEM has been a mainstay in the industry, with a concrete technology stack, a myriad of proof of concepts and partnerships with governments and repayable institutions. The XEM token is a vital asset to the ever-growing PlasmaPay and Plasma.Finance ecosystems.

Bringing XEM into our ecosystem will add further top-level functionality for PlasmaPay and Plasma.Finance. We’re delighted to be working with NEM, one of the most impressive projects in the cryptosphere. We are certain that our community will benefit greatly from this partnership in the future,” said Ilia Maksimenka, CEO of PlasmaPay.