The NEM foundation, a non-profit organization established to support the ongoing development of the NEM (XEM) blockchain platform, is reportedly planning to layoff many of its staff members. Due to the prolonged crypto bear market, the NEM foundation has been forced to reduce its operational costs and also begin restructuring its organization. Alex Tinsman, the newly appointed president of the NEM foundation, told Coindesk (on January 30th) that the Singapore-based organization will be submitting a funding request to the NEM community fund.
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