New management at NEM Foundation take action to avoid bankruptcy

Alexandra Tinsman, the newly elected president of the Singapore-based NEM Foundation, is planning layoffs, budget cuts and restructuring in order to save itself from bankruptcy, CoinDesk reports.

The foundation, which promotes the NEM blockchain and its voting-based pilot schemes, functions as a grants-funded non-profit. However, Tinsman reported it has around a month's runway left “due to the mismanagement of the previous governance council.” Tinsman must now submit a funding request for 160 million XEM tokens (approximately $7.5 million) to the NEM community, who will vote in February to decide the future of the company and the extensity of the layoffs for its 150-strong staff.

The platform is planning to launch Catapult, its native engine software, in June 2019 but management has now cut the heavy marketing campaign around it. “We’ve reduced marketing activities because it doesn’t make sense to market a product [Catapult] that isn’t out yet,” Tinsman said.

Tinsman added she'd prioritise a tight budget for 2019 and include the 202-member community in the decision-making process. She also hopes to make the NEM Foundation less dependent on grants in the year ahead, planning to monetise through "enterprise training and affiliate marketing," according to Coindesk.