NEM Foundation plans structural restructuring after receiving $ 8 million The NEM Foundation on Friday unveiled a financial and organizational restructuring plan to address current challenges. At the end of January, the project announced that the available reserves would be sufficient to finance its activities for one month.

NEM Foundation Plans Structural Adjustments After Receiving $ 8 Million

The NEM Foundation on Friday unveiled a financial and organizational restructuring plan to address current challenges. At the end of January, the project announced that the available reserves would be enough to finance its activities for one month..

On February 20, key members of the NEM community approved the organization's request for an allocation 210 XEM million worth $ 8.7 million. The first 25 million XEM (about $ 1 million) will be used to "create processes and structures in the formation of the new NEM Foundation concept, focused on product and profit." The NEM Foundation is expected to use the allocated amount to fund its initiatives by February 2020.

The organization will also consider reducing oversized positions, which, along with ineffective performance appraisals, poor cost accounting and questionable return on investment, are responsible for the company's dire financial health. According to a funding request issued in early February, 88 employees, or 69% of the staff, were deemed non-essential for the continued existence of the organization..

Friday's announcement also states that the NEM Foundation will create a “transformation working group” that will tackle short-term challenges, including weekly and monthly reporting structures for employees and a system to measure their performance..

Although previously only a reduction in positions, in the latest announcement, the organization announced the involvement of SDK developers to expand the capabilities of the existing set of NEM development tools and add support for Python, PHP and Unity to those used in present time Javascript and Java.

The NEM Foundation was founded in 2017 year 2 years after the appearance of the XEM token with the aim of "introducing and promoting the NEM blockchain platform internationally".

Similar articles

• The court equated Coinbase with a traditional bank in the interests of disclosing information about the culprit FBI agents who requested data on the transactions of one of the clients from the Coinbase cryptocurrency exchange did not violate his rights in accordance with the Fourth Amendment to the US Constitution, the court ruled. This decision formed the basis for the denial of appeal to Richard Gratkowski, who was convicted of receiving pornography involving minors and was sentenced to 5 years and 10 months in prison..

  Court equalized Coinbase from traditional bank in disclosure interests about the culprit FBI agents, who requested from the exchange cryptocurrency Coinbase data...

• The first deputy chairman of the Central Bank of the Russian Federation called cryptocurrencies a "high-tech financial pyramid" Cryptocurrencies have the characteristics of a "high-tech financial pyramid", said the first deputy chairman of the Central Bank of the Russian Federation Sergei Shvetsov. He announced this during a live broadcast on the official Youtube channel of the Bank of Russia on Monday.

  First Deputy Chairman of the Central Bank of the Russian Federation named cryptocurrencies "a high-tech financial pyramid" Cryptocurrencies have characteristics "high-tech financial...

• ICE Chief: Many financial institutions are in talks with us about BakktCEO Intercontinental Exchange (ICE) Bitcoin Futures Jeffrey Sprecher announced this Thursday that Bakkt Bitcoin futures platform is in talks with all sorts of financial institutions, including banks and brokers, regarding the distribution of their derivatives.

  ICE Chapter: The Many financial institutions leads negotiations with us about bitcoin futures Bakkt CEO Intercontinental Exchange (ICE) Jeffrey Sprecher at this...

• “Bitcoin SV Does Not Meet Our Listing Criteria” - Kraken Adds Bitcoin Cash Fork Tokens Kraken last night confirmed that it will list Bitcoin ABC tokens, one of two chains formed after the Bitcoin Cash hard fork last week, under the ticker BCH. At the same time, the exchange launches trading in the second chain tokens - Bitcoin SV - and distributes its assets among the holders of the original Bitcoin Cash..

  “Bitcoin SV is not meets our listing criteria"- Kraken credits tokens of the Bitcoin fork Cash Cryptocurrency Exchange Kraken confirmed tonight,...

• American Express uses the Ripple blockchain to make instant transfers between the UK and the US American Express has announced the opening of a payment corridor between the UK and the US using the RippleNet blockchain, which allows transactions in 9 seconds. The Spanish bank Santander is also involved in the project. Writes about this CoinDesk.

  American Express uses Ripple blockchain for making instant transfers between UK and USA American financial American company...