The Foundation has released its for a financial and organizational restructuring on March 8. The plan comes in the wake of earlier this year that the foundation was on its native XEM .
On Feb. 20, the foundation to release 210 million XEM ($8.7 million) from reserves, the first 25 million ($1.04 million) of which will be used “to set up processes and structures for a new product-focused, revenue-driven approach for NEM Foundation.” The new will purportedly fund the NEM Foundation’s efforts through Feb. 2020.
In additionally to releasing new financing, the foundation will also examine certain roles at the company. The NEM Foundation purportedly ran into financial difficulties due to redundant roles, inconsistent success metrics, little accountability for funds and a questionable return on investments.
Per Friday’s announcement, the NEM Foundation will set up a “transformation task force” to work on short term goals including the development of weekly and monthly reporting structures for employees and a scorecard for grading employee performance.
While the foundation appeared to be facing the possibility of massive layoffs in January, the announcement states that developers have been hired to expand its current SDKs to include Python, PHP and Unity in addition to the current Javascript and Java.
The NEM Foundation was founded in 2017, two years after the release of the XEM , and is based in . The organization’s purpose is to “introduce, and promote the use of the NEM technology platform on an international scale to all industries and institutions,” according to its .
At press time, XEM is at $0.0417, down 1.43 percent on the day, according to data from . The ’s market capitalization is currently over $375 million.
Published at Sat, 09 Mar 2019 02:47:22 +0000
