NEM Foundation Is On The Edge Of Bankruptcy
Non-commercial organization NEM Foundation who supports NEM cryptocurrency ecosystem announced its plans for large-scale stuffing cut today because of persisting stagnation of the crypto industry.
At the moment, NEM has 150 employees, some of them will probably be fired. The president of NEM Foundation Alex Tinsman is planning to allocate 160 million XEM (worth of $7.2 million) to save the company from bankruptcy.
Once 202 members of NEM Foundation vote for allocation of 160 million XEM, the number of employees who will be hired will be revealed. According to Alex Tinsman, NEM spent more than 80 million XEM to cover operational costs since December, 2017 to December, 2018. Moreover, NEM reduced marketing and promotion costs.
NEM blockchain developers whose names are not revealed told to Coindesk that NEM Foundation ex-president Lon Wong was uneconomical and supported scam ICO projects. This shattered crypto community’s confidence of XEM crypto currency.
Finally, Alex Tinsman announced that the roadmap of 2019 was remade taking into account budget policy. She believes that limited budget should not hinder further support of NEM ecosystem.