ZCash and Dash Competitor Monero Partners with Industry Giant to Protect Users from Financial Surveillance and Fight CBDCs
- Monero has announced its partnership with Nym, a platform that operates on open-source principles and utilizes incentives to ensure decentralization.
- Monero(XMR) is currently trading at $150.41 as of the time of writing. The coin has had a 0.04% increase in the past 24 hours.
Monero has been making strides in the cryptocurrency market in recent months, with the latest being partnering with Nym’s mixnet. Nym’s mixnet is a platform that operates on open-source principles and utilizes incentives to ensure decentralization. Monero announced this new partnership in the just concluded Monerotopia 2023. Monero is a cryptocurrency that employs blockchain technology with safety-enhancing technology.
1/ Yesterday we announced the integration of Nym’s mixnet with the @Monero network. #Monerotopia2023
👇 Here’s what you need to know, a thread: pic.twitter.com/Zar3PiBnc7
— Nym (@nymproject) May 9, 2023
Through this partnership, users can have anonymity. Additionally, with the rise of new technology, there has been a rise in attacks and the loss of Millions. With the adoption of Nym, they will provide financial security to the users. This is primarily due to the limited availability of privacy safeguards for users of virtual currencies, leaving them vulnerable to financial monitoring.
However, the introduction of these safeguards brings added benefits, such as a reduction in cyber attacks. Monero, in particular, has faced a significant number of cyber attacks in recent years. Nonetheless, through this partnership, users can now breathe a sigh of relief, knowing that their security and privacy are being addressed.
According to the Monero team, a group from the Monero community has effectively established a service provider that utilizes the Monero desktop wallet on the Nym mixnet. This makes it easier for Monero users to use NymConnect to carry out transactions over the mixnet, greatly enhancing the privacy of their transactions.
Monero Significant Growth And Partnerships
Since its inception, Monero has undergone significant enhancements. These improvements primarily focus on bolstering security, privacy, and user-friendliness. One of the core factors of Monero is that it remains committed to prioritizing privacy and security as its core objectives while also striving to ensure ease of use and efficiency.
It is worth noting, Monero has established partnerships with various merchants, including cryptowerk.com and acceptedhere.io, as well as several exchanges such as Bisq, Local Monero, Hodl Hodl, Kraken, Binance, SimpleSwap, and Morph token. Some well-known companies that sponsor Monero include Tari Labs, Majestic Bank, Fork Networking, Mac Stadium, Cake Wallet, and Symas.
The subject of a recent Reddit discussion among users was the recently implemented cryptocurrency rules in Dubai, which have led to the country’s prohibition on privacy coins like Monero. One of the participants in this conversation shared their opinion that the imposed prohibition would not work to stop people from trading Monero. Another participant in the discussion brought out the alleged absence of reliable decentralized exchanges (DEX) accepting Monero trades, even in 2023.
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Consequently, the discussion indicated a prevailing sentiment among participants who favor Monero and express their desire for the coin’s usefulness in their daily lives.
Monero(XMR) is currently trading at $150.41 as of the time of writing. The coin has had a 0.04% increase in the past 24 hours. The trading volume of Monero is $65.12 M in the last 24 hours and has a total market cap of $2 .75B. Over the past 12 months, Monero has demonstrated its performance, with increases of 8.1% in the last five days, 8.9% in the previous one month, and 15.5% in the last six months, despite experiencing a decline of 17.7% over the same 12-month period. The coin has been able to outperform prominent cryptocurrencies like Ethereum.
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