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NEM Foundation faced bankruptcy



The NEM Foundation, a non-profit organization sponsored by the community to promote the NEM block chain is planning a massive reduction of its staff, which currently has 150 people. This writes CoinDesk.

It is assumed that these steps are associated with a significant reduction in the budget and the upcoming restructuring of the organization based in Singapore.

Therefore, the newly elected president of the NEM Foundation, Alex Tinsmen, announced plans to send a request to the NEM public fund for the allocation of 160 million XEM tokens (approximately $ 7.5 million), which should help save the bankruptcy organization.

"We understood that due to inadequate management, we still have a full month of work" Said Alex Tinsman.

After the request for the allocation of the specified amount is officially made, all 202 fund members will be invited to vote for it. The scale of the cuts will depend on the amount of funds approved, Tinsman added.

According to her, the NEM Foundation spent approximately 80 million XEM from December 2017 to January 2019 mainly in marketing.

"We have reduced the activity in this direction, because it does not make sense to promote a product that has not yet come out" – she explained.

In particular, Alex Tinman refers to the Catapult blockchain engine. Its full launch was announced in May of last year.

Developers and users of NEM who wish to remain anonymous also claim that the organization's previous president, Lon Von, used his position to promote questionable ICOs. As a result of these actions, it supposedly undermined the trust of the community.

According to Tinsmen, a strict budget policy will be respected within the framework of the roadmap for 2019. It is assumed that each team will be assigned a limited budget, there will also be requirements for public disclosure of the documentation that describes the tools they develop for the NEM ecosystem.

It is also planned to monetize the activities of the NEM Foundation through the education of corporate users and affiliate marketing. This is expected to help reduce the organization's dependence on community funding.

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