Rajarshi Mitra
Independent Analyst
- 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.”
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?