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NEM Coins Rise Again After a Moment's Fall, Beware ... !!!

Written By Hanny & Melissa on Saturday, March 16, 2019 | Saturday, March 16, 2019

The NEM Foundation began to move with its new plan after receiving an injection of funds worth US $ 8 million last month. The foundation also houses most of its employees in order to stay in the blockchain sector.

In early February, the NEM Foundation succeeded in convincing its community to support the foundation to survive. The trick is to sell 210 million XEM crypto reserves to the public. The move paid off on February 20. It is estimated that 210 million XEM will fund the NEM Foundation's work until February 2020.

Based on a press release on Friday (03/08), the first 25 million mentioned XEM crypto (US $ 1.05 million), will be used to compile new processes, structures and strategies, which focus on products and revenues. "I think this reflects the belief that the blockchain industry continues to move forward and we are ready to change towards a new way of working ". NEM Foundation President Alexandra Tinsman said in an interview with CoinDesk

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The move follows a massive shrinkage at the NEM Foundation, which at its peak employs 150 employees and has offices in 20 countries. Tinsman confirmed that NEM had laid off around 100 people consisting of consultants and full-time workers over the past month. Funding proposals announced in early February estimate that there will be 88 employees (Around 69 percent of the total) that are no longer needed after the restructuring process.

NEM will also launch the Catapult blockchain in the near future. Whereas the Catapult project has been designed for a long time in the era of Long Wong's leadership, before the NEM Foundation declared "Bankrupt". Catapult specifically for building private and public blockchain networks. CTO while the NEM Foundation Jeff McDonald said, technology is capable of doing things that other blockchain cannot do.

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Prior to that, in January the NEM Foundation announced that it was in critical financial condition. At that time, the newly elected Tinsman as NEM president said the foundation would terminate employment and deduct funds due to the mistakes of the previous management.

The NEM platform is used to facilitate the development of enterprise scale blockchain applications. XEM tokens are currently the 19th largest crypto according to CoinMarketCap. You Understand Friends...

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