Cryptocurrency startup NEM discloses layoffs and wasteful budget

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Another cryptocurrency startup is laying off staff and restructuring its business entirely. This week, it’s the group behind the NEM blockchain and its token, XEM, and of course, it’s the bear market‘s fault. The news was shared in a wordy statement from the NEM Foundation, a non-profit. Unsurprisingly, it held the cryptocurrency market downturn responsible, even while describing its shoddy spending practices. “The XEM exchange rate has suffered catastrophic drops from this time a year ago, just as many other ambitious cryptocurrency projects have suffered, now the NEM Foundation is facing challenging budget decisions,” it stated. “We are in a tough spot…

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