There has been quite a bit of interest in Nimiq recently and this week was an interesting one for the entire Nimiq community.
NIM tokens were officially integrated into Trust Wallet, a multi-coin crypto wallet that is being used by the Binance DEX. Not only does this provide Nimiq users with the first mobile NIM wallet but it also opens a whole host of other collaborative opportunities.
In this post, we will give you an overview of the integration as well as what it could mean for Nimiq and the broader relationship between the two projects.
Nimiq is a decentralized payment system in which the NIM coin is transacted as a transfer and store of value. One of the things that sets Nimiq apart from other cryptocurrencies is their innovative browser-based blockchain, which enables users to connect directly without any cumbersome installations.
This no-installation approach gives Nimiq users that ‘it just works’ experience and this is combined with an emphasis on ease of use and keeping things simple. In other words, Nimiq is a cryptocurrency built for the masses and not just the tech savvy.
The NIM token was integrated into Trust Wallet, one of the leading multi-coin wallets for Android and iOS, on the 27th March 2019. The Trust Wallet was acquired by Binance in late July 2018 and has recently been integrated into the Binance DEX.
NIM’s integration can be viewed either as one of many integrations into Trust Wallet or as the first step to something much bigger. The reason why NIM integration is a little different from other cryptocurrencies is that Nimiq is currently working on technology that could add great value to Trust Wallet.
💻 What is this technology?
In late February 2019, Nimiq announced that it had created a blueprint for a new crypto-to-fiat bridge called Nimiq OASIS. This enables value transfers between the crypto and traditional banking ecosystems without using a middle man like a crypto payment processor.
This is a massive deal when you consider that even decentralized exchanges like Changelly only accept fiat deposits through payment processors like Simplex, who charge up to 5% on deposits.
What makes the Nimiq OASIS solution capable of bridging the traditional banking and crypto ecosystems is that it enables actual fiat currency like the EUR to be blockchain-compatible.
Nimiq OASIS is even more remarkable when you consider that the whole process enables users to buy or sell cryptocurrency without the private keys of the crypto asset ever leaving the owners possession or a centralized intermediary ever controlling the two assets being swapped.
This makes the solution ideal for any crypto platform wanting to offer their users crypto-to-fiat swaps.
Nimiq OASIS has a go-live target date of Q4 2019; a target with significant substance to it. Already, Nimiq has announced partnerships with WEG Bank AG (which you can view on the official WEG Bank website) and Agora.Trade which is a non-custodial exchange lead by ‘Forbes 30 under 30’ listmaker Reto Trinkler.
It’s no secret that WEG Bank is exceptionally cryptocurrency friendly with both Litecoin and Tokenpay already owning a stake in the German bank.
The first iteration of Nimiq OASIS aims to connect the traditional banking network, via WEG Bank and the cryptocurrency ecosystem, through Agora.Trade. Team Nimiq have already stated that “the vision is to enable the solution to scale through strategic partnerships and bring vast amounts of liquidity”. That means that Team Nimiq are open to integrating Nimiq OASIS into other banks and cryptocurrency platforms.
With all this in mind, it is no wonder that Trust Wallet founder, Viktor Radchenko, is “excited about this new collaboration and recognizes Nimiq’s great potential”. Nimiq OASIS certainly brings with it a lot of potential and the strategic partnerships are already in place to produce a working product.
It still remains to be seen if Nimiq will deepen the collaboration with Trust Wallet, but it’s certainly an interesting option that could make a lot of strategic sense.
Nimiq is holding a special giveaway to celebrate NIM’s integration into Trust Wallet, with 1000 NIM being given away to the first 1000 new users who download Trust Wallet, add NIM as a supported coin and claim the giveaway. After this, 100 NIM will be given away to the next 1000 new users.
So, if you want to take advantage then you had better act fast. The launch of the promotion and how to claim will be announced on Nimiq’s Twitter account. So give them a follow to stay up to date with promotion announcements and don’t forget that it was CoinBureau that brought you this to you first 😉
Multi-coin wallets like Trust Wallet are all about making it simple for users to store their crypto in one place. After all, before these types of wallets, holding a portfolio with many different types of altcoins was a tedious process, to say the least.
Normally, crypto holders would be forced to set up multiple wallets and secure them. Those days are largely gone with the rise of universal wallets and crypto holders can now hold 100+ cryptocurrencies in just a single wallet. Naturally, Trust Wallet saw this pain-point and decided to create a solution to make things easier.
The same ethos runs throughout Nimiq too, with the project focusing on ease of use, simple user-interfaces, and an installation-free approach. Yes, cryptocurrency had a meteoric rise in popularity in late 2017, however, the crypto markets are still full of complicated crypto projects and platforms which a typical internet user find difficult to understand and use.
Both Nimiq and Trust Wallet have taken a simplicity-first approach and that could be great news for wider cryptocurrency adoption.
A shared vision is one thing, execution and generating value is another. The collaboration between Trust Wallet and Nimiq has already created the following benefits:
If you have been in the crypto space, then you will know that the strength and engagement of a crypto project’s community is key to long-term success.
— Viktor Radchenko (@vikmeup) March 27, 2019
The incredible thing about Nimiq’s recent collaboration with Trust Wallet was that Nimiq community members Terorie and Vasconcelos played a pivotal role in making this collaboration possible. Indeed the two community members have been responsible for much of the development work for NIM integration with Trust Wallet and this just illustrates how highly engaged Nimiq’s rapidly growing community are.
The Nimiq project does have a history of supporting community members and this can be seen in their community funding initiative, where members are sponsored and given support by Nimiq to pursue project ideas for the ecosystem. This is why they have one of the most engaged communities in cryptocurrency and gives the project an edge over other cryptocurrency competitors.
NIM integration to Trust Wallet has the potential to lead to much bigger things. Nimiq OASIS could certainly add value to Trust Wallet and has the potential to expand its list of integrations with crypto platforms.
Nimiq is currently flying under the radar of many cryptocurrency enthusiasts, however, the projects recent partnership, collaborations, and progress could lead many more people to explore the project and understand it’s potential. 2019 could be a big year for Nimiq and is certainly worth placing on your watchlist.
Featured Image via Nimiq