Binance has announced that it will be listing NEM (XEM) tokens on its exchange platform with immediate effect. Announced via a blog post on Tuesday morning, Binance said that XEM tokens could now be deposited and traded. The coin will have trading pairs with Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB).
XEM tokens are among the big winners in this morning’s trading following the news. According to CoinMarketCap, the coin’s value has gone from around $0.28 at 05:55 GMT, immediately prior to the listing was announced, to $0.34 less than an hour later. The coin’s value has now settled back down towards $0.33.
This near 20% bump in valuation means the coin’s market cap has increased by nearly $500m from $2.5bn to just under $3bn. In early January, the coin had reached a record high of $1.93, giving it a market cap of $17.3bn.
NEM is a development platform for companies looking to utilise or integrate blockchain technology into their businesses. First launching in April 2015 and based in Singapore, NEM has plans for its platform to be adopted in a wide variety of sectors and on its website, claims to be in the process of developing NemPay, an online payment application, similar to PayPal.