The NEM Foundation, creators of the NEM blockchain platform whose native cryptocurrency (XEM) is the sixth most valuable blockchain token in the world with a $1.5 billion market cap, today announced a strategic alliance with Australia’s Blockchain Global to expand NEM’s global reach.

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The partnership’s first initiative will be to open a Blockchain Center in Kuala Lumpur, Malaysia, to serve as an incubator, accelerator, and co-working space. Scheduled to open in August 2017, the 10,000-square-foot Blockchain Center will house the NEM Blockchain Innovation Lab, a headquarters for research and development as well as regional support for organizations interested in using the NEM platform within their IT infrastructures.

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Later this year, NEM plans to work with Blockchain Global to develop a cryptocurrency exchange for the NEM ecosystem. Blockchain Global previously built ACX.io, Australia’s largest Bitcoin exchange by volume.

“We’re excited to partner with Blockchain Global in this rapidly evolving blockchain ecosystem,” said Lon Wong, president of the NEM Foundation. “This strategic alliance will fuel expanded reach, deeper collaboration, and multiplication of value as we journey towards developing blockchain hubs around the world.”

“We’re proud to work with the NEM.io Foundation, as we believe their blockchain technology platform is the future standard for mainstream enterprise and organizational infrastructures,” said Sam Lee, CEO of Blockchain Global. “The opening of a nonprofit blockchain center in Malaysia allows both Blockchain Global and NEM to pursue our missions to foster mainstream innovation and adoption internationally.”

The NEM Foundation is expected to spend around $40 million in the next year to fund its global expansion programs. $5 million will be allocated towards supporting blockchain companies incubated in the Blockchain Center.