NEM price rising after listing on Huobi Pro

NEM cryptocurrency started dashingly increasing in price, having grown 7% after the announcement of being listed on the major crypto exchange Huobi Pro
15 January 2018   1451

NEM (XEM) cryptocurrency was launched on Huobi Pro exchange on January 15, 2018 (GMT+8). It was stated in the official announcement that deposits would be available from 14:30, January 15, 2018 (GMT+8).

XEM/BTC trading will be available from 14:00, January 16, 2018 (GMT+8), and withdrawals will be available from 14:30, January 17, 2018 (GMT+8).

Moreover, Houbi Pro exchange stated that from 14:30, Jan 15 to 14:30 Jan 18, verified users score no less than 80 points in XEM Quiz, whose trading volumes during the promotion (buying + selling) rank top 10000 will be rewarded as follows:

  • TOP100: 20XEM(Worth of 200 RMB)
  • TOP101-TOP500: 10XEM(Worth of 100 RMB)  
  • TOP501-TOP10000: 5XEM(Worth of 50 RMB)

Rewards are stated to be given within the next 3 working days. 

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

  • Average price: $1,45
  • Marketcap: $13 093 739 999
  • 24h volume: $53 660 100

NEM Foundation to be Almost Bankrupt

Newly elected president believes 160 000 000 XEM could fix the situation
31 January 2019   684

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.