Blockchain NEM (XEM) is preparing to take part in the token migration in December along with the public launch of the blockchain symbol (XYM).

Speaking to Cointelegraph, NEM Group CEO and NEM Ventures CEO Dave Hodgson revealed that Symbol will be listing at least two products at launch.

The symbol houses the Wave Financial Whiskey Fund, which symbolically represents the holding of 25,000 barrels of Bourbon 2020 worth over $ 4 million. The platform will also host LBCOIN, a collectible cryptocurrency that celebrates Lithuania’s independence declaration from 1918, issued by the country’s central bank. Both products were previously hosted on NEM.

Hodgson highlighted the benefits of retail for traditional asset classes, noting that the Waves Whiskey Fund will give investors access to a traditionally difficult asset class if you can’t buy 4,000 barrels of whiskey.

The CEO also predicted that fractional ownership would provide investors in emerging markets such as Africa and Southeast Asia with greater access to equity products, and highlighted blockchain offerings for efficiency in the sector:

“[Stocks] are prone to disruption, and the current model is very isolated, and the mechanisms that move stocks are very slow and very expensive.”

Hodgson described the symbol as a hybrid blockchain designed for interoperability-focused enterprises and security tokens.

The token can be published as a public or private chain, giving organizations the assurance that sensitive real estate information will not be passed through the open blockchain network.

The blockchain allows for cross-chain exchange between Ethereum and the Bitcoin blockchain with plans to support more networks in the future. Hodgson highlighted the importance of cross-chain interoperability between organizations, citing the expectation that the future will provide a crypto ecosystem with more specialized blockchains operating in symbiosis.

XEM holders can convert tokens to XYM at a 1: 1 ratio in December, but they must subscribe to Snap in advance.

Source: CoinTelegraph

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