Release： 02/07/2019 08:20

Update： 04/08/2021 02:35

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NEM (NEM Coin) organization faces bankruptcy risk!? About 70% of staff reduction to be implemented

NEM Foundation on the brink of collapse!?

It was announced on NEM's official Twitter that the NEM Foundation, a nonprofit organization funded by the community established to promote the NEM blockchain, is facing an existing crisis.

NEM FOUNDATION FUNDING PROPOSAL 2019

Important message for#NEMcommunity and partners. This is the funding proposal for the new NEM Foundation structure for 2019.https://t.co/Bat3f74rFB pic.twitter.com/qxYAjlUPJC
— NEM (@NEMofficial)February 6, 2019

According to the official NEM site, they are planning extensive personnel cuts to reduce the budget.

From about 200 staff, 69% will be cut, with reports indicating roughly 150 people to be laid off.

If the NEM Foundation were to collapse, the value of the cryptocurrency NEM (XEM) could drop significantly, though NEM itself would not disappear.

However, it is certain to have a major impact on NEM's price. What exactly happened to the NEM Foundation?

More to follow

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