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NEM (XEM) Foundation to Ask Community for Funding and Change Tactics to Avoid Bankruptcy

  • Yuri Molchan
    📰 News

    The NEM Foundation, created to promote the NEM (XEM) platform, intends to let go some of its staff members and get funding from the community to stay afloat


NEM (XEM) Foundation to Ask Community for Funding and Change Tactics to Avoid Bankruptcy
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On Thursday, Jan. 31, the NEM Foundation addressed its community on the NEM forum site with several pieces of news, both good and bad, but remaining optimistic all in all.

Things are going bad for NEM

The message goes on to say that after the general decline of the crypto market, it turned out that NEM’s promotional strategy was not helping to raise the XEM rate much or promote the platform.


NEM

The results were the opposite. After the foundation allowed the community to split into regional branches, audits have shown that there have been no clear and mutually followed strategy. Accounting for the allocated funds were murky and the returns on investments were questionable, along with burning through approximately 9 mln XEM on a monthly basis.

The existing structure of the foundation has failed, it seems, as the foundation intends to implement some forced changes.

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Plans to avoid bankruptcy

Since Jan. 1, NEM has gathered a new council for decision-making regarding the foundation’s further strategy.

The NEM Foundation has decided to change from its promotional-oriented strategy to a product-focused one. Regional teams have been eliminated and new ones have been made, headed by Chief Technology Officer, Chief of Product Management, Chief Financial Officer, Chief Business Development Officer, Chief Operations Officer, Chief Marketing Officer, and Chief Revenue Officer.

The 202 members of the NEM Foundation are now going to vote on conducting some layoffs across the 150 employees of the company. It will also vote on asking the NEM community to fund further work with around $7.5 mln – the price of 160 XEM coins.

Current XEM market stance

At the time of writing, XEM is going for $0.045067, having demonstrated a decrease by 4.83 percent. The coin is holding position #18 on Coinmarketcap.

The daily trading volume of the token totals $17 122 016.

Current XEM market stance

 

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Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak

  • Alex Morris
    📰 News

    Binance Coin is so far the second cryptocurrency (after EOS) that managed to rebound after January 2018's drawdown


Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak
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After surging by more than 14 percent over the last 24 hours, Binance Coin has managed to surpass its previous ATH that was recorded during the peak of the bull market in January 2018, according to the data provided by CoinMarketCap (CMC). The historic rally was triggered by numerous recent developments inside the exchange’s ecosystem.  

Binance Coin, CoinMarketCap
Binance Coin continues to register double-digit gains, image by CoinMarketCap

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BNB makes history

At the time of writing this article, the price of the BNB token is at $24.65, rising above its previous ATH of $24.46 that was recorded on Jan. 12. Hence, Binance Coin, the seventh largest cryptocurrency by market capitalization, becomes only the second asset to reach a new price peak after the crash of the speculation-driven bull market. EOS, which is sitting one spot above BNB on CMC, achieved a similar feat in May 2018.

‘Binance Coin is outpacing the overall crypto market. While Bitcoin is off 75% from its all-time-high, Binance Coin has recovered. There is fundamental growth and synergy taking place that is contributing to the rising price of Binance Coin,’ says BitBull Capital CEO Joe DiPasquale.

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Pumping other coins

On Apr. 18, Binance launched the mainnet of its custom Blockchain Binance Chain. The migration of BNB tokens from Ethereum to Binance Chain is scheduled to take place on Apr. 23. This is going to be the second largest token swap in history.

Binance, which is now completed with Ethereum, has already on-boarded some Blockchain projects, including Mithril (MITH) that experienced a 70 percent price pump after its launch on Binance Chain.

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