We recently announced the formation of a single common governance framework for the NEM entities called the NEM Group (NGL). We would like to be as open as we can be around the use of funds and therefore would like to share that the NEM Group Trust has received a transfer of 394.151m XEM from Core Funds into this wallet. This amount comprises consolidated funding for ALL of the NEM entities and has been approved by Core. The wallet is overseen by signatories who are separate from the operational elements of the ecosystem and include legal trustees, a long time community member as an enforcer and members of the core team.
In the first year funds will be prioritised to:
Formalising and organising the software development, consulting and treasury management capabilities to be both more efficient and operationally effective.
Supporting and enabling the launch of Symbol as per the Public Launch Plan. This will include deepening relationships with exchanges and payment networks to ensure broad access and integration of our token.
Supporting a new community engagement plan designed to give both existing and new members opportunities to get more involved in both Symbol’s launch and it’s future development.
The funds remain in the Trust until a business plan and budget have been approved by the NEM Group board. All subsidiaries funding requirements are subject to scrutiny and approval by the NEM Group. All subsidiaries accounts are monitored and managed by the NGL finance team.
Whilst Crypto markets are inherently volatile we will seek to actively reduce the risk for NEM as well as give Symbol the best possible chance for wider adoption.
CFO NEM Group