In the first weekend edition of The Daily, we examine the biting effects of crypto winter, which might have frozen out ETH scambots, but hasn’t prevented the penurious from panhandling for crypto by more direct means. We also look at the latest restructuring of the NEM Foundation, which has faced the full force of the crypto cooldown. Finally, we preview Huobi’s new Binance Launchpad competitor – Prime.
NEM Foundation Rolls Out Plan B to Stay Afloat
The NEM Foundation, which oversees development and community initiatives involving the NEM (XEM) cryptocurrency, has released a new financial plan. The organization, which recently laid off the majority of its staff, is seeking to source developers from the community to contribute to the NEM mobile wallet app. On Feb 20, 210 million NEM tokens were unlocked by the foundation, with 25 million of these earmarked “to set up processes and structures for a new product-focused, revenue-driven approach for NEM Foundation.”
Excessive spending, coupled with mismanagement of funds and of human resources, left the foundation teetering on the brink when the crypto market went south. The NEM cryptocurrency, which was periodically