NEM’s native XEM has been integrated by a blockchain-based social trading platform HedgeTrade to provide market sentiments for XEM to novice traders.
NEM announced the news in a blog post on Thursday, September 17. According to NEM, this integration will bring together two dynamic DeFi communities while offering crypto traders worldwide additional earning opportunities and insights.
What is HedgeTrade and How It Works?
HedgeTrade, based in Singapore, is a blockchain-based community-driven crypto market prediction platform designed for amateur traders looking to make the same trades as experts. On HedgeTrade, traders stake the platform’s native token HEDG, and expert traders expert are incentivized to post high-quality, accurate predictions or blueprints.
Once the blueprints are published, amateur traders can purchase these blueprints to trade like an expert. If prediction or blueprint is correct, the trader who published that blueprint earns proceeds from the users who purchased it. If the prediction is incorrect, the purchasers get a refund.
To get started, users and traders purchase HEDG token with bitcoin on the platform. Alternatively, users can acquire HEDG tokens from an exchange of their choice. In the next step, traders stake HEDG tokens when they create their trading prediction or blueprint. Users can unlock blueprint details by purchasing it with HEDG. if the Blueprint is correct, HEDG tokens are distributed automatically to the traders. In the second case, tokens are returned to users.
Now with the XEM integrated on HedgeTrade, the NEM community has a new way to gauge market sentiment about XEM and its blockchain development ecosystem. Traders at HedgeFund will also gain two additional trading pairs to use in creating prediction blueprints that are XEM/USDT and XEM/BTC.
Prediction blueprints and trader success scores are verified with blockchain technology and a unique reputation algorithm. This will provide a trusted source for sentiment analysis for those following the NEM project.
David Waslen, CEO of HedgeTrade, commented:
“NEM is a highly-esteemed, long-standing blockchain company. So we’re very happy to introduce the HedgeTrade community to the NEM project. By enabling our traders to make predictions on XEM, they have another way to profit from their accurate trading calls. At the same time, this builds important sentiment data based on NEM’s many exciting initiatives.”
Dave Hodgson, CIO of NEM Group, said:
“The partnership with HedgeTrade represents another significant step as we look to create more opportunities for our community to create value through access to different platforms and expertise – in the case of HedgeTrade being able to follow trading predictions will help to gather meaningful insights on XEM. We look forward to working closely together as we move towards the launch of Symbol”
If you found this article interesting, here you can find more New Economy Movement [NEM] News
