Gifto, the blockchain startup behind the token with the same name, partnered with NEM to test its blockchain solution as an alternative to Ethereum.
Gifto, a blockchain startup that proposes a consumer token for family, friends, and fans, announced on Wednesday a partnership with blockchain platform operator NEM. According to the agreement, Gifto will trial the NEM blockchain over the coming months to assess the scalability of some of its services. Currently, Gifto is dealing with Ethereum, but the company is thinking about some alternatives.
Gifto CEO and founder Andy Tian commented:
“Gifto is one of the few projects in the blockchain space demonstrating user growth and real utility. In order to maintain a great user experience on our platform, we are constantly evaluating new blockchain technology beyond Ethereum, and NEM has promising solutions to some of Gifto’s needs.”
Steve Li, head of NEM China, stated:
“We built the NEM blockchain platform from the ground up to outperform competing services in all facets. Our partnership with Gifto helps NEM reach a new user base, and we look forward to collaborating with their team.”
NEM is the blockchain platform of choice of many startups and established firms that want to leverage distributed ledger technology (DLT) for a variety of use cases. The platform and its token, XEM, have become popular, especially in Japan. NEM offers both permissioned and open blockchain solutions.
Gifto claims to be the first crypto token integrated into a consumer application that has tens of millions of users. Thus, the blockchain-based dApps network is among the world’s largest ecosystems of its kind, hosting over one million wallets. By using Gifto, online gamers, content creators, and charity organizations can trade personalized virtual gifts via social media sites like Facebook, Instagram, and YouTube.
After the announcement of the partnership with NEM, Gifto’s token, with the ticker GTO, has gained 6.25% over the last 24 hours as at 11:17 UTC, according to Coinmarketcap data. The coin is currently trading at $0.065.