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Author Topic: NEM Reorganizes Non-Profit Foundation Amid Token Price and Funding Woes  (Read 6394 times)

ZionRTZ

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Blockchain asset management platform NEM (XEM) announced it had completely reformed its non-profit NEM Foundation amid financial difficulties in an announcement Jan. 31.

The Foundation, which previously had a budget with a monthly burn rate of 9 million XEM (~$392,000), now plans to spend less than half that amount, as a new streamlined entity aims to cut costs.

“The NEM Foundation has restructured to eliminate regional teams and replace them with newly created product-focused teams,” the announcement explained.

Summarizing the changes, NEM confirmed that the “NEM Foundation you knew before is gone.”

The impetus for the changes reportedly comes from a lack of funding and criticism of spending under the old Foundation model.

XEM, the company said, had a difficult year in 2018, losing a significant portion of its value against previous highs as part of the ongoing cryptocurrency bear market.


“In terms of running an effective organization, the existing structure failed. Maybe that didn’t seem like a big problem when the XEM price was high, but it’s a very big problem as we seek to sustain a viable organization in the ‘Crypto Winter,’” NEM continued in the post, adding:

Quote
“The XEM exchange rate has suffered catastrophic drops from this time a year ago, just as many other ambitious cryptocurrency projects have suffered, now the NEM Foundation is facing challenging budget decisions.”

XEM/USD is trading around $0.044 at press time, dropping over 8 percent on the day following the publication of the news. The pair hit an all-time high of $1.90 in early January 2018.

Later that month, the token was implicated as a target in a hack of Japanese cryptocurrency exchange Coincheck, which saw funds worth over $530 million at the time disappear.

Today’s announcement did not confirm major staff layoffs, setting it apart from those that afflicted companies such as Bitmain, Shapeshift and ConsenSys in recent weeks.



SOURCE: https://cointelegraph.com/news/nem-reorganizes-non-profit-foundation-amid-token-price-and-funding-woes

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it's true but I really believe that NEM will be able to survive and improve all finances, remain optimistic.
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IyemRoker

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-
It must be like this because NEM needs something new in every development and it is needed by every altcoins if you want to recover from bankruptcy.
Now NEM has stabilized and is no longer down because NEM has something new.

Perhaps the essence of all this we must always love our coins that are developed, not just left by us include NEM .
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syedrasool2011

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Re: NEM Reorganizes Non-Profit Foundation Amid Token Price and Funding Woes
« Reply #3 on: August 09, 2020, 02:10:01 PM »
NEM will puump now to 0.1 soon
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kent47400

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Re: NEM Reorganizes Non-Profit Foundation Amid Token Price and Funding Woes
« Reply #4 on: December 05, 2020, 08:04:18 PM »
NEM will puump now to 0.1 soon
Yes, my friend, NEM will be able to reach the price of 0.1 USD when there is a Bull Run in the cryptocurrency market, including at the same time as the Bitcoin price.
NEM has a lot of supporters and NEM has also experienced difficulties in 2019, but I believe NEM will be able to increase its price to 0.1 USD in the near future.
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.      BUY EGO      .

Lukasz

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Re: NEM Reorganizes Non-Profit Foundation Amid Token Price and Funding Woes
« Reply #5 on: December 14, 2020, 10:46:46 PM »
It is very responsible of XEM to recognise the need to cut costs and expenses associated with extensive ammount of employees. In these hard times as much in  the real world  as much in the virtual world the costs pile up which reflects on the market price (dumping founders tokens on to the exchanges) which can be significant . At lest there will be less selling pressure
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