This article was first published on NEM
We would like to provide an update now that we are in the process of smoothly shifting to the new structure now that funding has officially begun. We are excited for what the future holds and sincerely appreciate your patience the past few weeks.
We have three updates for you including:
- News on the NEM Foundation Catapult efforts
- Set up of the transformation team
Update 1: Funding
The good news is that the NEM Foundation has been working through the funding distribution with the core team to ensure that there is a proper financial transition. Since passing the vote proposal on 20 February 2019, we have been in discussions with the core team with regards to setting up fund disbursement. This includes a schedule of funds release, quarterly budget forecasts, and so on. We would like to announce that we are receiving funding in installments.
The first installment of funding is for 25 million XEM and was initiated on March 7th.
These funds will be used to set up processes and structures for a new product-focused, revenue-driven approach for NEM Foundation.
There are still expenses and ongoing costs which are being managed based on existing funds. We will continually update the community as the funds are activated.
Update 2: News on NEM Foundation Catapult efforts
On top of the Catapult Mobile Wallet Walkthrough update last month, our interim CTO, Jeff McDonald, has a plan to post to the forum looking for system integrators to build this app post-funding. Further development on a NEM Foundation testnet is undergoing and upgrading to Cow. Additionally, SDK developers have ...
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