NEM Slides As Foundation Faces Bankruptcy, Layoffs And Restructuring (ethereumworldnews.com)
The Singapore based NEM Foundation is the latest to suffer from the prolonged bear market as it faces bankruptcy fears and axes staff.
The NEM Foundation is the latest one to be added to that growing list.
NEM Foundation president, Alex Tinsman, told the outlet that it intends to submit a funding request for 160 million tokens which at today’s rate is around $7.3 million.
“The reality of 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.”
“We saw very little accountability for funds and questionable ROI, leading to a burn rate of 9 million XEM per month. In terms of running an effective organization, the existing structure failed. Maybe that didn’t seem like a big problem when the XEM price was high, but it’s a very big problem as we seek to sustain a viable organization in the ‘Crypto Winter.'”.
The new team is still optimistic in the face of such adversity but things will be a struggle from now on for NEM and a lot more crypto projects as the winter gets even colder.
Original post reduced by: 53%
Read the full story here.
Related story: Ukrainian Crypto Exchange Liqui Shuts Down, Cites Lack of Liquidity (cointelegraph.com)
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