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The NEM Foundation faced bankruptcy



The NEM Foundation, a non-profit organization sponsored by the community, is promoting a massive cutoff of staff, which currently has 150 people, to promote the blockade. This is written by CoinDesk.

It is assumed that these steps are linked to a significant reduction in the budget and the imminent restructuring of the Singapore-based organization.

Thus, the newly elected NEM Foundation president Alex Tinsman announced plans to send a 160 million XEM token (about $ 7.5 million) to the public fund of NEM, which should help save the organization from bankruptcy.

"We understand that due to inadequate management, we still have a month of full-fledged work" Alex Tinsman said.

Upon request for allocation of the determined amount, all 202 members of the fund will be officially invited to vote for it. The extent of the reductions will depend on the amount of appropriations, Tinsman added.

According to her, the Foundation NEUM spent about 80 million HEM from December 2017 to January 2019, primarily marketing.

"We have reduced activity in this direction because it makes no sense in promoting a product that has not yet come out" – She explained.

In particular, Alex Tinnman refers to the Catapult Blocking Engine. Her full explanation was published in May last year.

The developers and users of the NEM, who want to remain anonymous, also say that the previous president of the organization, Lon Won, used his position to promote dubious MCOs. As a result of these actions, he reportedly undermined the trust of the community.

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

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

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