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The NEM Fund faced bankruptcy



The NEM Foundation, a community-sponsored non-profit organization that promotes the FREE of FREE, plans to cut its staff, which is currently 150 people. It writes CoinDesk.

It is assumed that these measures involve a significant reduction in the budget and the expected restructuring of the Singapore company.

Thus, Alex Tinsmen, the newly elected Chairman of the NEM Foundation, announced plans to send 160 million XEM tokens (approximately $ 7.5 million) to the NEM Public Fund, which will help save the organization from bankruptcy.

"We realized that due to mismanagement we still have a month of full-time work," Alex Tinsman said.

After formally requesting a certain amount, all 202 members of the Fund will be invited to vote on it. The amount of reductions will depend on the amount of funding approved, Tinsman added.

In her view, from December 2017 to January 2019, the NEM Foundation spent about 80 million XEM mainly for marketing.

"We've reduced our activity in this direction because there is no point in promoting a product that has not yet come out," – She explained.

In particular, Alex Tinman refers to the catapult block chain engine. Its full release was announced in May last year.

NO developers and users who want to remain anonymous also point out that the former president of the organization, Lons Won, used his position to promote the questionable ICO. As a result of these actions, he may have reduced public confidence.

According to Tinsmen, the 2019 Roadmap will follow a very tight budgetary policy. It is assumed that each team will have a limited budget, there will also be requirements to publish documents describing the tools they are developing for the NO ecosystem.

It is also planned to monetize the activities of the NEM Fund by educating corporate users and affiliate marketing. This is expected to help reduce the organisation's dependence on Community funding.

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