A recap of NEM Foundation’s financial problems and why a complete organizational overhaul was necessary.
As part of the closing statements in an open announcement to the NEM community, the NEM Secretarial Office, which represents the voice of the NEM Foundation’s executive committee and council, said in “one final message for all” that the NEM Foundation community members knew before “is gone.”
The announcement was made in an effort to stay true to their commitment of transparency and pulled back the curtain on a number of sensitive issues, including an acknowledgement that the foundation is facing severe financial difficulties and a realization that the previous organizational structure failed.
A financial audit was reportedly done after the current NEM Foundation leadership team took office on Jan. 1, 2019, which revealed that they are running low on XEM (the native currency of the NEM blockchain…
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