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Foundation NO, on the verge of bankruptcy, plans layoffs and reversals

The NEM Foundation, a non-profit organization funded by the community set up to promote the BLU's blockbuster, is planning layoffs across its entire staff of 150 people, due to serious budget cuts and prior imminent restructuring, CoinDesk reports.

The newly elected NEM Foundation President Alex Tinsman, for SynDesk for Wednesday, the Singapore-based NEM Foundation now intends to file a request to fund the NEM community for 160 million tokens (worth around $ 7.5 million ), money that will be used to rescue the organization from the brink of bankruptcy.

The NO tokens are listed under the XEM ticker with a circulation of 9 billion euros, according to CoinMarketCap. At press time, XEM is the 18th largest cryptowatch in the world after market capitalization.

"We basically realized that we had a month to work because of the bad management of the previous board of directors," Tinsman, who claimed unprofitable in January, said in an interview.

As a result, 202 members of the Foundation – people who are subject to identity checks and pay an annual fee of $ 50 – will be required to vote on the funding request in February, after being announced on Thursday. The number of layoffs will be determined by how much funds will be approved by the community, Tinsman said.

The XEM token of NEM began in 2015 under the leadership of former chairman of the foundation, Lon Wong. Cryptocurrency is used primarily for the NEM block transaction and service fees. The complete launch of native Platform Engine Software, called Catapult, is scheduled for June 2019. Meanwhile, NEM pilot projects have often focused on cases of use, such as voting.

Indeed, Tinsman itself was selected in a process that used a platform on the HAM.

Tinsman said the foundation spent about 80 million XEM between December 2017 and January 2019, primarily marketing. (Wong did not respond to requests for comment on the spending of the foundation.)

"We have reduced marketing activities because it makes no sense to sell a product [Catapult] it's not yet, "Tinsman said.

According to the long-standing user of NEU, the investor who asked to remain anonymous because he worked directly with the left leader, Wong withdrew when he used his visibility in the foundation to promote "sketched" initial coin items such as Ekobit and Proxima.

Tokens Proxima's sales reportedly attracted more than $ 33 million in 2018, and the company's website lists Wong as CEO. An anonymous investor said that "the community felt that this was a violation of the faith," adding that there is still a big deal to be done to encourage developers to use the blockade itself.

"There are not many people working on this platform. Although it's easy, the community is not really there unless you go to Japan," the developer said. "On this platform, we need more dragging developers."

Tinsman, a former communications chief at the foundation, chaired 148 registered members to lead the non-profit organization, launching a much more disciplined roadmap for 2019.

She said that the teams will be given specific budgets and will have to produce more open sources of documents about their tools for progressing at the peak of NO's emissions.

"The community will also vote for these [funding requests] and with whom we have to go forward, "she said.

Tinsman further plans to monetize the activities of the foundation in 2019, including enterprise training and affiliate marketing, to reduce the reliance on non-profit community grants.

She described restructuring as a "positive step", adding:

"It's really exciting for me that NEM has a strong toolbox and community that is moving forward to change the future, and now we can support them in meaningful ways."

The image of the IMEM Conference through the NO Foundation

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