The year 2018 has had a major effect on the cryptocurrency space, with price plunge of all the top coins in the market leaving the investors and project developers astray. This was evidenced by several projects reporting bankruptcy, layoffs and incomplete developments. Even blockchain-software company, ConsenSys and chip producing company, Bitmain, were one among them.
According to a recent report, NEM Foundation, a non-profit organization dedicated for the development of the NEM blockchain, has hopped on to the bandwagon. The Foundation announced on their official forum that their new structural plan in promoting NEM failed as everyone’s goal at the Foundation was not aligned. It stated:
“When the new council arrived on January 1, 2019, we opened the books and saw the results of 2018. We saw a lot of talented people who were working hard, but not aligned with the same goals. We saw efforts being duplicated, and inconsistent metrics of success.”
The Foundation also stated that there was very little accountability for funds from the teams working within the Foundation and that there were “questionable” return of investments. This was followed by them claiming that this would have not been a problem if the price of the token, XEM, were high. However, since the bear has engulfed the whole market, the organization is finding it a “very big problem” to sustain.
“The XEM exchange rate has suffered catastrophic drops from this time a year ago, just as many other ambitious cryptocurrency projects have suffered, now the NEM Foundation is facing challenging budget decisions. We are in a tough spot like many others in this space.”
Nonetheless, the Foundation affirms that they have rebuilt their operating structure and mission, “hitting refresh and starting from scratch”. The Foundation will be doing so by dismissing all its members from regional teams and “replace them with newly created product-focused teams”.
“The reality of having one month left in funding means we won’t be able to support our current headcount, partnerships, and projects. We need to put everything on hold. This is painful since it hurts good people and partners, but the new council is aligned that we need to be transparent with what is happening behind the scenes of the NEM Foundation.”
This announcement by the Foundation had an affect on the price of NEM token in the market. According to CoinMarketCap, at press time, NEM was trading at $0.045 with a market cap of $407.06. The coin records a trading volume of $17.07 million and has plunged by more than 18% in the past seven days and over 4% in the past 24 hours.
Dustymcp, a Redditor said:
“They made Millions in the bull market that they got too greedy to sell for operation costs , cant say i feel for Them that is just baad management..”
godeatgodworld, another Redditor said:
“Wonderful news. One less shitcoin to worry about, for this surely marks the start of its walk to the gallows.”
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