NEM to Launch Symbol (XYM) for Custom Security Token Markets

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In Brief
  • Symbol will offer custom security tokens for any asset.

  • XYM will be airdropped to XEM holders.

  • NEM token prices dump after snapshot.

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The New Economy Movement (NEM) has been working on a new platform for custom security token management and trading and its launch is approaching.



The Symbol platform, launching on March 15, is a next-generation enterprise-grade blockchain that has been in development for the past four years.

The network uses a proof-of-stake consensus mechanism and enables the creation of specialized digital assets. Each will have configurable properties that can act as security tokens. The platform is from the same team that created NEM NIS1 and is an advanced evolution of the NEM blockchain.



Symbol will be targeting security token offerings (STOs) and regulated assets in a marketplace that it envisages will be fully tokenized and interconnected by 2025.

“Imagine foreign currencies, equities, stocks, IP, expertise, ideas and all their derivative assets can be freely traded for any of these things using digital tokens.”

Snapshot for XYM Airdrop

Symbol uses a system called Hybrid Chain with a configurable contract plug-in framework. This makes it more resilient to human error and network attacks according to the blog post.

Upon launch, Symbol will also introduce “mosaics,” a feature that permits the creation of specialized assets to represent shares of stock, signatures, votes, or other currencies. According to the announcement, each mosaic has configurable properties and a unique identifier.

“These features represent huge potential for new financial services, in particular for the Decentralized Finance (DeFi) and Security Token Offering (STO) spaces.”

Earlier this month, Symbol announced integration with the global digital securities platform Digital Markets. Their goal is to provide custody and issuance support for the network.

In preparation, a snapshot of the NEM blockchain was taken on March 12 in order to airdrop the XYM tokens.  XEM holders will obtain an XYM balance equal to that of their XEM balance at the time of the snapshot.

XEM Price Update

NEM’s token has been around for many years. It suffered with the rest of the altcoins of similar age during the long bear market that began in 2018.

Naturally, the promise of free tokens has lifted prices as the launch date nears. However, this has not been the case for XEM, which has tanked 7.5% on the day to $0.33.

Following a three-year high of $0.86 on March 3, NEM’s token has dumped over 60% to current levels. The sharpest slide came just after the snapshot when it fell over 40% on the same day. This indicates that the prior rise was primarily just to get the freebies.

Disclaimer

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Martin has been writing on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

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