Announced on March 08, 2019, NEM Foundation is all set to restructure its financial as well as the organizational structure. The release is a result of obtaining $8 million received by NEM foundation in an earlier month from its reserve wherein in a similar time frame, it was looking to lay off its staff.
Setting New Structure
NEM on its official website shared three major aspects; first being funding received, second on the company’s launch of the new blockchain engine and third, being transforming the task force. The announcement reads that;
We have three updates for you including:
- News on the NEM Foundation Catapult efforts
- Set up of the transformation team
To remind, NEM reportedly planned to fire its staff to stay afloat a market and avoid bankruptcy – however it was further added that the firm obtained $8 million on Feb 20 which had eventually a result of releasing 210 million of is XEM tokens from the reserves. The decision of releasing tokens from the reserve was made after the approval from NEM Community’s key member. Subsequent to the recent report, NEM Foundation is on way to utilize the first set of 25 million XEM tokens to restructure the firm, focused on the new product, a revenue-driven approach for NEM foundation.
Speaking about the matter, Alexandra Tinsman, president at NEM foundation says
“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.”
Consequent to the release, the foundation is obtaining the amount in installment –and its very first installment of 25 million XEM token was initiated on March 07.
NEM is on way to launch its Catapult blockchain engine which is reportedly intended to power up both private and public networks. Beyond Catapult blockchain engine, NEM foundation is also setting up its transformation task force that is tasked to focus on new rules or NEM’s key priorities.
Looking closer to the coinmarketcap, NEM’s XEM token is quickly picking up the new move, turning with a green graph of 2.86 percent during the past 24 hours. Accordingly, the coin was running in the red market zone since past few days, following up recent the announcement, XEM token (A native token of NEM) stands on the 19th position with an average market cap of $389,167,800.
So readers, what’s your stake on XEM token reaching the peak? Share your opinion.