NEM Foundation layoffs — Jan 30, 2019

NEM Foundation Announces Layoffs on January 30, 2019 as It Pivots Amid Financial Strain

NEM Foundation said on January 30, 2019, that it planned layoffs as part of a broader pivot while facing severe financial strain. The company did not disclose how many jobs would be cut or what percentage of its workforce would be affected.

The foundation’s stated reason for the layoffs was market-related pressure. According to the available source, the move was tied to a strategic shift as the organization worked through financial difficulties. No additional details were provided on the size of the reduction or the timeline for implementation.

NEM Foundation is a layer-1 blockchain protocol organization. It is associated with the NEM ecosystem, which develops blockchain infrastructure and related technology. The layoff announcement came as the company adjusted its operations in response to its financial position.

No forward-looking hiring or restructuring targets were disclosed in the source material. The announcement indicated a pivot, but it did not include further specifics on how the foundation planned to reorganize its workforce or operations.

Sources: Google News