NEM integrated with WeChat

NEM cryptowallet was integrated on WeChat, a Chinese social media mobile application software
11 December 2017   1502

WeChat is the largest and most popular messaging app and social media mobile application software in China with over 980 million monthly active users. It is ususally called China's "App For Everything" because it has a lot of functions and platforms, and is cosidered one of the most powerful apps in the world.

The platform of cryptocurrency NEM, which is designed to deliver industry-leading transaction rates for internal ledgers, created the NEM application on the "WeChat mini app" platform, and now it is in beta online testing.

The integration of NEM application on WeChat is a next step to boost awareness and adoption of NEM in China which reportedly issued a banning order for the initial offers of coins ICO in the country.

After the news about the integration of NEM with WeChat application appeared the price of NEM surged rising from $0,25 to $0,65 and the market capitalisation rose from $2,2 billion to $6,1 billion.

NEM Charts december 2017NEM Charts

At the moment of press, these are main market parameters of NEM:

  • Average price: $0.42
  • Marketcap: $3 854 979 000
  • 24h volume: $67 698 700

NEM Foundation to be Almost Bankrupt

Newly elected president believes 160 000 000 XEM could fix the situation
31 January 2019   685

The NEM Foundation, a community-sponsored nonprofit organization to promote the blockchain of NEM is planning a massive downsizing of its staff, which currently has 150 people. This is reported by CoinDesk.

It is assumed that these steps are associated with a significant reduction in the budget and the forthcoming restructuring of the organization based in Singapore.

Thus, the newly elected president of the NEM Foundation, Alex Tinsmen, announced plans to send a request to the NEM public fund for the allocation of 160 million XEM tokens (about $ 7.5 million), which should help save the organization from bankruptcy.

Basically we realized we had a month to operate, due to the mismanagement of the previous governance council.

Alex Tinsman

President, NEM Foundation

After the request for the allocation of the specified amount is made officially, all 202 members of the fund will be invited to vote for it. The scale of the cuts will depend on the amount of funding approved, Tinsman added.

According to her, the NEM Foundation spent about 80 million XEM from December 2017 to January 2019 primarily on marketing.

We’ve reduced marketing activities because it doesn’t make sense to market a product [Catapult] that isn’t out yet.

Alex Tinsman

President, NEM Foundation

In particular, Alex Tinman refers to the blockchain engine Catapult. Its full-featured release was announced back in May last year.

NEM developers and users who wish to remain anonymous also state that the organization’s previous president, Lon Wong, used his position to promote questionable ICOs. As a result of these actions, he allegedly undermined community confidence.

According to Tinsman, a very strict budget policy will be respected under the roadmap for 2019. It is assumed that each team will be allocated a limited budget, there will also be requirements for public disclosure of documentation describing the tools they develop for the NEM ecosystem.

It is also planned to monetize the activities of the NEM Foundation by educating corporate users and affiliate marketing. This is expected to help reduce the organization’s dependence on community funding.