NEM (XEM) along with some other assets has had a good day as market is trading on the positive side. Despite that the market does not remain in positive momentum for a longer time period but it gently pushes the digital assets towards a slight level of stability in the market.
Recently, NEM Foundation published its Funding Proposal of 2019 and in this proposal, they have explained how will NEM Foundation operate their network from next one year. This proposal will be implemented from 20th February for the implementation of a new strategy.
The new proposal will make certain changes on the basis of some quantitative and qualitative analysis. NEM (XEM) will use the current budget to clear up some unpaid workers, invoices and other various expenses will be managed under current budget. According to the report, around 64.05% less budget has been spent in 2018 and around 69% reduction in staff size has been done.
As per the funding request breakdown, the total monthly coin burn of NEM will be $668,725 USD and the total yearly budget for this year would be around $8,024,695 USD. Basically, NEM has been going through some financial crises, so they have to take some measures to overcome their financial shortcomings.
NEM (XEM) in their funding proposal has made certain conditions in which they have described that if XEM goes down in the market, they will strategically lessen their staff members and projects. In case NEM goes up, they will steadily put the fait into the banks to have support for long term. The NEM foundation will analyze the circumstances of the market and then decide whether to continue which project that will provide maximum output with minimum effort. Moreover, NEM will be looking not to sell XEM rapidly and will take care of it, so they don’t face any further financial issue.
NEM has been getting bigger and better, but the bear market has hurt seriously some digital assets, which includes XEM. But, NEM has got a good team and they have made some technical changes to their financial system and hope so they will come over with it. The bear market will not last for long, XEM will have a better chance to recover in a bull market.
Having a look at the market, NEM (XEM) looks to recover a little it. At the time of press, XEM was surging at a rate of 3% in the last 24 hours. Its trading price of $0.038 USD with a market cap of $347 million and a trading volume of $14 million.