NEM Foundation charting path forward after avoiding bankruptcy

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.”