The organization behind the NEM blockchain technology is setting up shop in New Zealand as part of what it claims to be a “$40 million global expansion plan”, according to The Foundation team has been promoting a $90 million development fund in New Zealand in the hopes of kick starting local blockchain companies operating on NEM.

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A Foundation team led by global director for partnerships and strategic alliances Jason Lee is holding a series of introductory events in Auckland, Wellington and Tauranga throughout December. The team delivered keynote speeches during the Blockchain Summit Auckland 2017 and announced a global development fund aimed at helping businesses, academics and developers feel empowered about the NEM blockchain technology.

Lee said all applicants for funding had to be active members of the NEM community, but that this meant “simply getting involved in conversations on our online forums.”

“If you are new to the community, you must have an endorser whom you think will be able to help you qualify and contribute to your blockchain project,” Lee added.

The Foundation team has been engaging with the Blockchain Association of New Zealand, universities and various blockchain companies and startups interested in building projects on the NEM blockchain via the global development fund.

The Foundation’s New Zealand initiative follows the opening of a NEM Blockchain center in Kuala Lumpur as a joint initiative with the Australia-based Blockchain Center (a not-for-profit sponsored by Blockchain Global and IBM). The center will be a knowledge and innovation hub that will serve as an accelerator, incubator and co-working space.

The Foundation is a Singapore-based not-for-profit organisation whose purpose is “to introduce, educate, and promote the use of the NEM blockchain technology platform on an international scale to all industries and institutions.”

The NEM blockchain platform was designed and coded from the ground up for scale and speed. XEM – NEM’s native cryptocurrency – is currently one of the top ten largest crypto coins by market capitalization. At press time, XEM was up 105.03% on the month, changing hands at $0.41, with a market cap of $3.7 billion.


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