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NEM Announces The Risk Of Bankruptcy, Asks For The Community Support

NEM has announced a radical change in its plans. According to the latest press release, NEM talks about reducing project funding due to a fall in prices for NEM (XEM) from last year, and also appeals for the support of the community.

The team will seek to reorganize and move from marketing focus to a focus on product releases. It was also announced that regional teams are to be dismissed and the creation of new teams would take place, the ones reporting directly to the company.

“Having one month left in funding means we won’t be able to support our current headcount, partnerships, and projects. We need to put everything on hold. This is painful since it hurts good people and partners, but the new council is aligned that we need to be transparent with what is happening behind the scenes of the NEM Foundation,"

— the company also stated. Alex TINSMAN, the new president of the NEM Foundation, noted that this situation occurred “due to the mismanagement of the previous governance council.”

At the same time, NEM expects the development of their technologies, arguing that “new features will unlock uses, ready in months, that partners have been asking for for years."

Image courtesy of Bitcoin Exchange Guide

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