NEM Foundation charting path forward after avoiding bankruptcy
|- NEM Foundation charted out how they are going to be spending the first 25 million XEM (native NEM tokens) from the 210 million XEM they were able to obtain from their reserves.
- NEM is soon launching its Catapult blockchain engine.
NEM Foundation is charting its path forward after obtaining $8 million last month and laying off most of their stuff. As reported by FX Street, the development team behind NEM, announced on January 31st, 2019, that they were a month away from going bankrupt. They were able to avoid that after their request to release 210 million XEM from reserves was approved by key members of the community on Feb. 20.
NEM Foundation president Alexandra Tinsman stated:
“I think this is a vote of confidence that the industry is moving forward and that we’re ready to pivot to a very new way of working..It’s in the best interest of companies to be fiscally responsible with their platform, their products and their teams. We need to be product-focused and that’s what we’ve done. This is a sign of good things to come.”
This Friday, NEM Foundation revealed how the first installment of 25 million XEM will be spent. NEM is also soon launching its Catapult blockchain engine. According to their website:
“Catapult is a full-featured blockchain engine that can power both private and public networks with its unique smart contract plugins. These plugins enable bulletproof digital asset creation, decentralized swaps, advanced account systems, and business logic modeling. In its next phase, Catapult will become the core NEM engine.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.