NEM releases an update on their plan to avoid bankruptcy

05 Feb, 2019
by Richard Allen
Update
NEM releases an update on their plan to avoid bankruptcy

Following reports of dire financial trouble at the NEM Foundation, the company has released a series of answers to questions, in the hope of providing some transparency.

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

NEM was asked to elaborate about the planned layoffs. In response, NEM stated that “there will be a significant majority of the staff that will have to be made redundant due to the budget cuts and change of focus to a product-based organization.”

When asked how many staff is being let go, NEM emphasized that “the NEM Foundation is not firing any staff,” instead reiterating that budgetary constraints have led to layoffs, and adding that those who have been laid off will be given consideration for current openings if funding is awarded.

NEM further stated that, if the funding request is approved, there will be new staff hired with preference going to members who had been laid off. If the request is not approved, NEM state that it “will have to stretch its budget and will look for other sources of funding to remain sustainable.”

Regarding the current state of NEM’s finances, the Foundation says it’s not bankrupt but admit that fiat and XEM funds are low.

The Foundation concluded with three things they expect to see in 2019: more enterprise adoption utilizing NEM blockchain update Catapault, more public and private chain transactions following the launch of Catapault. Finally, the Foundation expects stronger leadership with solid governance.

Read more: NEM (XEM) price takes a dive, down 6% following near-bankruptcy

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Read more about: NEM (XEM)

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