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  • NEM Foundation and MEN Lab will work together to rescue the project.
  • The majority of the employees will be fired.

The leaders of the startup published the plan of action for the nearest future. The management is determined to keep the company afloat, though they will have to fire the overwhelming majority of employees.  

Thus,  NEM Foundation wants to join forces with NEM Labs to raise financing and promote the blockchain project development. Many employees will have to go by the end of February.
The partners will focus on Catapult development. This engine will improve the speed and scalability of the network. Once it is launched, users will be able to create protected digital assets and decentralized swaps, perform aggregated transactions, and use the benefits of an advanced system of business logic.

“Both parties will work as independent contributors to the ecosystem but in a unified approach. This means that if both proposals are approved, the main commitment is to contribute to the Project Management Committee (PMC). As an additional measure, there will be regular joint strategic meetings in working towards full alignment across both entities to prevent ineffective use of resources. In fact, the execution of each party’s proposal will lead to an enhancement of each other’s effort through the principles of cooperation and collaboration,” the joint statement says.

While both parties will have their own scope of responsibilities, they will work towards one goal, by promoting the project and accomplishing their tasks within the same ecosystem.

“The reality is that the adoption of NEM is not the work of a single entity. Proven ecosystems all consist of multiple purpose driven entities that solve specific problems. We are convinced of a future where independent entities like NEM Foundation and NEM Labs solve specific problems for the NEM ecosystem in a unified approach.”

NEM (XEM) has lost over 90% of its value in recent 12 months. The coin is changing hands at $0.0383, which is 2% higher on a day-over-day basis. NEM’s market value is registered at $355M, while its average daily trading volumes amount to $10M.