NEM to Invest $120k in Malaysian Blockchain Startups

NEM in Malaysia will be engaged in the promotion of blockchain start-ups, as well as helping companies integrate DLT into their projects
05 July 2018   698

The NEM.io Foundation has opened a blockchain centre in Malaysia. The company allocated $ 120,000 to develop projects based on DLT in the country. This is reported by Ethereum World News.

The NEM Malaysia Center will be engaged in the promotion of blockchain start-ups, as well as helping companies integrate distributed ledger technology into their projects. NEM.io Foundation hopes to popularize its own XEM cryptocurrency in the region.

The task of the headquarters also includes informing the population about the features of the blockchain.

There is not enough understanding and (not enough) people who know how to use the technology to build up solutions for companies to solve some of the world’s problems. I think the mindset still remains the biggest challenge. For example, people may think it is complicated because of the buzzwords or more specific terms that are used.
 

Stephen Chia

Local Head, NEM.io Foundation

In March NEM.io Foundation and Tech Bureau announced the launch of the closed beta testing of the Catapult engine. 

NEM Foundation to be Almost Bankrupt

Newly elected president believes 160 000 000 XEM could fix the situation
31 January 2019   609

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.