Sponsored by community non-profit organization NEM Foundation has published the plan of financial and structural reorganization.
The implementation plan February 20, the organization decided to allocate from its reserves of 210 million coins XEM (approximately $8.7 million). The first tranche of 25 million XEM (just over $1 million) will focus on “creating processes and structures for the new concept of the NEM Foundation, which will be focused on the product and income”. The entire amount will be spent until February 2020.
In addition, the organization will reduce staff, abolishing some economically redundant positions. In the NEM Foundation noted that the financial difficulties the project has arisen due to overstaffing and duplication of functions, inconsistencies in defining the key performance indicators (KPIs), inefficient expenses and low rates of return on investment.
In 2018, the number of employees present in 20 countries, up to 150 people. As part of the restructuring will be laid off 88 employees in the NEM Foundation (69% of total staff).
NEM Foundation will create a “working group on transformation”, which will focus on short-term objectives, will review the KPI and will be weekly and monthly report about the work done.
In the near future it is planned to launch blockchain-engine Catapult, which is designed for private and public networks.
“Technology allows us to do something that is not capable of any other blockchain”, said Jeff McDonald, the acting technical Director of the project.
We will remind, on the serious financial difficulties NEM Foundation became known in January.