The NEM Foundation announced its new plan yesterday for a total financial and organizational restructuring after the foundation revealed that it’s running low on its own native XEM tokens according to the information that reached our crypto news today.
The foundation decided back on February 20th to release 210 million XEM tokens which is about $8.7 million from its reserves and that the first 25 million will be used to ‘’set up processes and structures for a new product-focused, revenue-driven approach for NEM foundation.’’ The tokens will likely fund the foundation’s efforts until February 2020.
With the new financing, the foundation will also figure out other possible roles at the company. NEM ran into a lot of financial difficulties because of its redundant roles and little accountability for the funds but most importantly because of the questionable return on the investments.
After the announcement, the NEM foundation will likely set up a ‘’transformation task force’’ in order to work on short term goals such as the development on monthly reporting structures and implementing a scorecard for grading how the employees did over the past month.
The NEM Foundation was founded back in 2017 after they released the XEM token and the company is based in Singapore. The foundation aimed to ‘’introduce, educate and promote the use of NEM blockchain technology’’ according to their website. Currently, the XEM token is trading at $0.0417 which is a decline of nearly 1.43 percent.
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