NEM Foundation Releases Restructuring Plan
The NEM Foundation released its plan for a financial and organizational restructuring on March 8th, 2019. The plan comes after news that the foundation was running low on its native XEM tokens.
On February 20th, the foundation released 210 million XEM tokens ($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 tokens will purportedly fund the NEM Foundation’s efforts through February 2020.
The foundation will also examine certain roles at the company in addition to releasing new financing. The NEM Foundation purportedly ran into financial difficulties due to redundant roles.
The 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.
The NEM Foundation was founded in 2017, two years after the release of the XEM token, and is based in Singapore.
XEM is trading at $0.0417, down 1.43 percent on the day, according to data from CoinMarketCap. The token’s market capitalization is currently over $388 million.