Non-profit organization Foundation NEM, on the verge of bankruptcy, received about $8 million and now is preparing for a reorganization.
About the dire financial situation of the company became known in the end of January. Then the NEM Foundation President Alex Tinsman (Alex Tinsman) appealed to the community to Finance the organization of the 160 million tokens XEM. Later, the request was increased to 210 million tokens. At the end of last month, February 20, the community has approved the allocation of funds.
“I think it’s a sign of trust and confidence in the fact that the industry continues to move forward and we are ready to a completely new path of development”, – said Tinsman.
NEM President of the Foundation said that if in 2018 the organization worked up to 150 people, in the last month was reduced about 100 employees worldwide. Basically cuts affected consultants, however, was also dismissed and some employees, arranged full-time.
Now NEM Foundation plans to review its structure as the financial difficulties were caused by the mismatch of some key employees, their positions, and insufficient financial reporting and other deficiencies in the organizational structure.
It is reported that will be created and the special group responsible for short-term goals, which, in particular, will assess performance indicators of staff.
In addition, the company is preparing to launch the engine platform Catapult, which you can create both private and open networks. Technical Director NEM Foundation Jeff MacDonald (Jeff McDonald) underlined that “the technology does things that other blackany incapable.”
Recall that in December last year, the company and NEM Ripple announced the creation of the Association “the Blockchain for Europe”, which will represent the interests of cryptocurrency and blockchain-companies across the continent.
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