NEM refocuses strategic plan with one month of funding left, layoffs expected

31 Jan, 2019 | Updated: 31 Jan, 2019
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NEM refocuses strategic plan with one month of funding left, layoffs expected

NEM has announced in their latest 'message to the community' that they will be drastically reshuffling their plans moving forward. This comes after the bear market has caused a massive reduction in funding, with only one month of funds left to spend. 

NEM have released their latest press release with the approach of being upfront with their community members. The announcement explains that the project is currently extremely low on funding due to the crash in price of NEM (XEM) since last year. 

XEM has fallen from its all-time high of just under $2 each down to $0.046 each in 2019. 

The effects on the project due to the drastic price drops mean team will be looking at reshuffling their entire team, and shifting "from a promotional-focused organization to a product-focused organization."

NEM also announced they will be eliminating regional teams and creating new product-based teams that will report directly to the heads of the company. 

The company also mentioned "having one month left in funding means we won’t be able to support our current headcount, partnerships, and projects. We need to put everything on hold. This is painful since it hurts good people and partners, but the new council is aligned that we need to be transparent with what is happening behind the scenes of the NEM Foundation."

NEM admits that the times right now might be tough, but they expect to continue building their technology saying " Our new features will unlock uses, ready in months, that partners have been asking for for years."

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NEM outlines the three things the community can expect from them in 2019: 

1.Expect to see more enterprise adoption utilizing Catapult.
2.Expect to see more public and private chain transactions when Catapult launches
3.Expect to see stronger leadership, solid governance and more service to the community, partners and the world as we hope for a brighter future.

The NEM announcement concludes with "We are a new, leaner, product-focused, revenue-driven, community-oriented organization. Thank you."

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