Choice raises NZ$1 million in NEM funding
Time Machine Series
Choice, a New Zealand based blockchain payments system has successfully raised NZ$1 million in funding in the form of XEM cryptocurrency.
The Choice team was chosen by the NEM Foundation to receive funding to help develop their payment gateway platform that aims to cut out the 2–6% transaction fees that companies such as Visa and Mastercard pass on to merchants.
Choice also promise to donate half of those merchant savings to registered charities of the user’s choice. They are focussed on making a social impact and a positive change in the world which allows for the tracking of the charitable donations.
Ossie Amir, co-founder and blockchain lead at Choice
“Nowhere in the world is there an agreed standard for the measurement of social impact,” he said. “Choice has set out to empower the growing number of consumers wanting to make a positive change in the world and create a new measurable way to track the impact of charitable donations.”
Over the past 6 weeks they have been working at Creative HQ in Wellington as part of the Kiwibank Fintech Accelerator program and are working on rolling out their service to hospitality businesses across New Zealand
In December 2017, NEM’s expansion to New Zealand is part of a $US40 million global expansion plan which includes a $US90 million ($130m) fund that will be used to help local blockchain companies.
At NEM our purpose is ‘to introduce, educate, and promote the use of the NEM blockchain technology platform on an international scale to all industries and institutions.’ NEM is designed to be a flexible platform where developers can host and create many applications.
“The organisation saw Choice as ‘a leading contender to showcase the practical use of the NEM blockchain to the entire world.”
New Zealand is fast becoming a global blockchain centre with a growing number of launches from Kiwi firms such as Blockchain Lab NZ which has helped raise over NZ$410 million through initial coin offerings and Centrality which has raised the equivalent of $110.5 million in virtual currency
FintechNZ General Manager, James Brown
“There are a growing number of blockchain launches involving Kiwi firms including Blockchain Lab NZ which has helped raise over NZ$410 million through initial coin offerings,”
“Some of New Zealand’s tech stars are involved in a global team which recently launched the world’s first ever blockchain platform for the multi-billion-dollar global online ratings and review industry.
If you’re interested and want to know more, you can follow them on their Twitter and Telegram and of course their website.
For more information about the NEM Foundation and its mission, you can follow us on Twitter, at Inside NEM, our Facebook page, NEM Australia Telegram or visit our website.
