NEM Foundation Updates Community and Media on Previous Statement Regarding Its Assumed Bankruptcy

Sat, 02/02/2019 - 11:10
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Yuri Molchan
The NEM Foundation publishes an update regarding its statement on 31 January to keep things clear and avoid being misunderstood
NEM Foundation Updates Community and Media on Previous Statement Regarding Its Assumed Bankruptcy
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On February 1, the NEM Foundation released an update concerning its message to the NEM community issued on January 31, where it said that it is running low on XEM and fiat budget and is changing its structure and plans some layoffs due to the ongoing budget situation.

NEM Foundation update

To keep everything clear and transparent, on February 1 the NEM Foundation released an update, provoked by a Coindesk article.



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On funding and staff firing

The foundation clarified that it is not on the verge of a bankruptcy but is just low on funds and that in case the NEM community refuses to provide funding, the foundation will start searching for money from third-party investors.

Layoffs are going to be performed regardless of the current situation with funding. This has more to do with the NEM Foundation deciding to switch its focus from NEM promotion and become more product-oriented.

Provided that the community decides in favour of further funding, the NEM Foundation will take on more staff, first of all offering jobs to its former members who have been made redundant.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at