The NEM Group company behind the XEM cryptocurrency has reported on the successful launch of the Symbol mainnet and XYM cryptocurrency. The launch was originally planned for March 15th.
On the Symbol platform, users will be able to tokenize any asset, from real estate and intellectual property to stocks and commodities. The function is called “mosaic” and is completely customizable.
“We are proud to announce that after four years of development, we have achieved our goal. We launched the Symbol platform and now NEM is waiting for a new future. ”
wrote NEM Group CEO David Shaw.
Together with Symbol, the company also launched the XYM coin, which will be used to pay transaction fees. On March 12, a snapshot of the NEM network was taken and all XEM holders will receive the same amount of XYM coins. The distribution will be carried out by most of the popular cryptocurrency exchanges.
Before the launch of Symbol, the XEM rate rose significantly, and after taking a snapshot of the network, it collapsed in half. XEM is currently trading at $ 0.38. There is no listing of new XYM coins on major cryptocurrency exchanges yet.
“The Symbol platform allows the creation of custom digital assets with the necessary settings and a unique identifier, and also allows you to impose certain restrictions on the use of these assets at the protocol level,” – the NEM Group said in a statement.
In July 2020, the Symbol project launched a blockchain solution that will help winemakers track raw materials and products at every stage of production and supply chain, as well as fight fraud.
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