NEM Ventures - next steps

Hi, guys! This is russian translate!
После оценки 16 юрисдикций
в соответствии с различными критериями и на основе юридических консультаций,
мы решили зарегистрировать NEM Ventures на Гибралтаре, так как это наиболее гибкая структура, которая может расширяться/развиваться
по мере необходимости.
Гибралтар был выбран из-за четкого законодательства в области распределенных реестров, опыта работы в сфере оффшорных финансов,
понятного режима налогообложения и доступа к банковской инфраструктуре для крипто-бизнеса.
Это позволит нам эффективно развиваться!
Структура группы приведена ниже:

  1. Целевой фонд на условиях бессрочного владения на благо NEM.
  2. Группа компаний с ограниченной ответственностью, принадлежащая Целевому Фонду (ТРАСТ).
    NEM Ventures является главной компанией для любого дочернего филиала.
  3. NEM Ventures обычное Общество с ограниченной ответственностью (“ООО”) принадлежащее холдингу для финансирования проектов
    от имени материнской компании, в конечном итоге Целевого фонда.

После обсуждения о потенциальной реструктуризации фонда и развития Catapult
группой ключевых заинтересованных сторон, мы получили отзывы из различных источников в экосистеме NEM, поэтому
ни у кого не было большинства.
Решили финансировать проекты не из NСF, а по остаточному принципу,в основном за счет средств выявленных при неэффективной работе
для поддержания краткосрочных оперативных расходов, до момента запуска Catapult.
Многие из этих ключевых заинтересованных сторон также являются держателями большого количества
XEM, поэтому по соображениям безопасности эти заинтересованные стороны не могут быть раскрыты.
Если они хотят выступить, это их право.
Мы планируем согласовать финансирование наших первых проектов в январе и
параллельно будем рассматривать новые проекты-это теперь наша единственная задача.

В ближайшие недели будут регулярные публикации, которые обеспечат глубокое понимание информации по таким аспектам,
как финансирование проектов, выбор юрисдикции, структура, команда, использование и привлечение средств.
Мы рассчитываем официально ответить на любые вопросы, поднятые в будущих релизах.

When can we see the first funding news?

We are actively speaking to the first investment at present and expect to commence discussions with the other successful projects by the end of next week once we review all the first round questions responses.

Naturally the details of who, how much etc will wait until negotiations are complete and some company’s service providers (mainly legal and finance) are still away from Christmas so we will update as soon as we can.

1 Like

Quick update - we are still on track to respond to most projects on their position by the end of this week.

Last week we sent a message to all proposals that had not responded to the first round due diligence questions requesting they respond by 11th of January. Some did and some did not -; today we have closed the proposals that did not and informed them by email.

The backlog is now sitting at 12 proposals from the original 24:

  • Mobi Rideshare
  • Peerfin / Sernez
  • AEM (Accounting Enterprise Middleware)
  • Trive
  • CryptoAds Marketplace
  • GiveMatters
  • Eterly
  • MyCryptoSaver
  • MarginX
  • Empleos
  • CryptoConfirm
  • Bits In Motion - Blockchain Accounting Software

Fantastic update! Good to see the proposals before this are being activated. Looking forward to seeing the NEM ecosystem growth with this!

Why we chose Gibraltar for the Home of Nem Ventures

The crypto space is a complex and ever developing area. It was critical that we found a jurisdiction that we were comfortable with, and equally where they were comfortable with us, for both now and the longer term. In an ever changing market we assessed 16 jurisdictions to ensure we were making an informed and educated decision on regulation, support and operational running including banking, of Nem Ventures.

Having established a shortlist of 6 that consisted of


we quickly whittled that down to three after conversations with in country lawyers. Those conversations with legal representation continued in Bermuda, Malta and Gibraltar and we leveraged our own personal networks to have work done on potential structures and set ups that vary slightly between jurisdictions - at no cost to NEM.

It became clear it was possible to utilise any of the three, however Bermuda had yet to resolve the ability to easily open in country bank accounts and Malta has a more complex tax system that involved paying and claiming rebates, additionally the professional services organisations we dealt with did not inspire us for an ongoing relationship. Gibraltar has clear DLT legislation, established banking capability, clear tax regulations, we found multiple established professional services entities that could help now and ongoing and importantly it is possible to move to another jurisdiction if the situation changes in the future for some reason.

Once we focussed on Gibraltar, Ventures representatives attended the GibFin conference in London late October 2018. Here we were able to have face to face conversations with the banks in the jurisdiction to understand better what challenges and requirements they have. We spoke with the regulator with whom we discussed how they are building DLT regulation from the bottom up rather than trying to manipulate traditional regulation into accepting DLT, and how they view DLT as the next key component to their economic progress after the successes they have had within the gambling industry.

We were fortunate to speak to the founder of the Gibraltar Stock Exchange and understand the work that they are doing to give them the platform to promote STO and their attempts to baseline standards on a global scale, they are also a founding member of the Verified Token Framework alongside NEM. Finally it was reassuring to speak with the Head of Commerce for Gibraltar and to hear how the government are focussed on making DLT succeed, promoting DLT degree courses at the university, and encouraging businesses within the space to call Gibraltar home.

All the short listed jurisdictions are capable of being home to blockchain companies. In Gibraltar we think we have a lasting solution with a government and regulator that has a strong focus on making this a success and therefore we are happy to have created Nem Ventures there.

Group Structure

How to get a source of funds, effectively owned by no-one, into a position to be able to legitimately invest in fantastic start ups? What is the best way to protect that fund with checks and balances so that it can only be used for its original purpose? And what are the legal requirements and practicalities that would enable it to work in the most efficient way possible?

These are some of the questions we had to consider when setting up Nem Ventures. From the off we know we will need to be transparent and open about the way we work for the community, potential investees, and regulators. To do this we engaged with governance and legal experts and came up with a number of options, all with positives and negatives, with the following set up selected

Purpose Trust
Company Limited By Guarantee
Ventures Ltd

What’s a Purpose Trust and why are we using it?

The trust entity does not die and does not have inheritors or beneficiaries. It serves one main purpose - to be not for profit and for the betterment of the NEM ecosystem. Its first function is to take the XEM and pay it into the Company Limited by Guarantee. Thereafter it becomes the only member of the Company Limited by Guarantee.

The huge advantage of the purpose trust is that it provides a way to ensure that the trust lives on for the benefit of NEM. Should the board of the Company Limited by Guarantee be dishonest and be liquidated/made insolvent, the money goes to the trust and not to the directors of the company.

Ok so what’s a Company Limited by Guarantee?

The CLG does not have any shareholders and does not do profit distribution. It is formed of 7 directors at our request and they consist of trusted NEMbers and expertise in commercial and governance matters.

So that just leaves Nem Ventures….

Nem Ventures is a company limited by shares. It consists of the directors as stated in the proposal and two others (one legal and one technical expert). Its shares are owned by the Company Limited by Guarantee and part owned by the directors as per the proposal. It has a mandate to create a sustainable fund and to investigate and take share positions (or other financial instrument assistance) in projects/businesses that are looking to utilise the NEM blockchain and ecosystem. Ventures has a responsibility and duty to ensure that it is professional and will call on technical/accounting/legal resources to ensure that itself and its investee businesses have the greatest chance of success.

Seems simple right? Distilled down we believe and have had confirmed with independent advisors, that with this structure we limit the liability of the investment company while securing the funding at a trust level to ensure that the xem is protected and secured against individual foul play.

So what about changing money, and the control of XEM?

We are working with the banks in Gibraltar and investigating further work by one of the big 4 accountancy firms to aid us in transactions between countries/ventures/projects. Part of this investigation, which we were able to progress once incorporated, was to align ourselves with potential partners for Over the Counter transactions of NEM. It is a little bit of a ‘watch this space’ statement at the moment but we have in principle agreements that will allow us to exchange XEM without an affect on the market.

Projects for Nem Ventures

With 26 projects in the backlog we knew that the reviewing and following up on investments was going to be hard on us, and on the potential projects that had submitted. It is really tough when you have an idea and concept that you have given birth to and nurtured, that you believe in, and that you are trying to pitch to others. It is an emotional time - we know, because we have been there ourselves.

I think the thing that struck us about the backlog was that they all were solving real world problems, and that’s incredibly exciting for NEM and DLT as a relatively new technology.

Some projects have elected not to continue with funding as they would prefer not to give away equity, or taken another route to funding and that’s fine. We really do wish all the best on all NEM projects, and while we won’t be able to fund everything that comes over our desk, we can promise to do our very best to make an informed decision. We will certainly miss some that are great ideas and go on to be awesome, so we would urge any projects we elect not to fund to keep up the good work, prove us wrong. There are plenty of frogs to be kissed before you find your prince.

In parallel with incorporation we have reviewed all those 26 projects, asked some pretty in depth questions and got an insight into the teams that are involved in them. We have been fortunate to meet a few in person and to a person are genuine NEMbers.

Our plan is to start funding this month having carried out the backlog reviews and completed DD, and we will be sharing the process for new applications shortly. We do already have around 15 new projects that have come forward for funding that we have done first pass reviews on so it is fantastic to see the flow of ideas continue - its shows the creativity and entrepreneurial nature of NEMbers around the globe.

Thanks for everyones continued interest in Nem Ventures - we will be promoting projects that are invested in when appropriate as there will be much support the community can give to help them grow. The community really can be the difference with these projects.


with that many in the backlog, I suggest immediately deleting any team that hasn’t already delivered products already.

26 is was what we started with. A number of them dropped out or were unresponsive during due diligence and some secured funding elsewhere to continue.

It is currently at 12 and we are finishing the first round of due diligence reviews this week and will be selecting those that move forward to deeper due diligence. So the backlog has now been worked through by approaching it systematically.

There are some early stage, some at mvp and some revenue generating and looking to scale so its a good mixed dealflow to build and early portfolio from.


Nem Ventures がジブラルタルに本拠地を置いた理由について

現在の暗号通貨業界は、複雑な要素が絡みながら、絶えず進化を続けています。短期的にまたは長期に渡って、当局と私たちの両者にとってよい法人の本拠地を選ぶことは、私たちが最も優先していたことでした。拠点を置くのに適した16の候補地の中から、法規制および金融業を含む業務の運営と支援体制を考慮しながら、Nem Venturesの本拠地を選択しました。










ジブラルタルを拠点とすることに決めた後ですが、私たちNem Venturesは2018年10月にロンドンで開催されたGibFinカンファレンスに参加しました。このイベントでは、ジブラルタルの法律に長けた銀行の方々と直接話す機会を得ることができました。そこで、ジブラルタルにおいて、分散台帳技術に関する法律は、既存の法律を当てはめ適用することなく、一から作り上げるものだと聞きました。彼ら・彼女らによると、ジブラルタルの経済の成功は賭博市場に続いて、分散台帳技術の市場にかかっているとのことです。

幸運なことに、ジブラルタル証券取引所の創設者と話す機会がありました。そして、STO(セキュリティ・トークン・オファリング)を推進するプラットフォーム、およびのSTOに関する規制を世界標準にしようとする試みについて理解することができました。彼ら・彼女らはNemも参画しているVTF(Verified Token Framework)の創設者でもあります。また、ジブラルタル商務省長官と対話し、政府が分散台帳技術に関する教育コースを大学で推し進めていること、またブロックチェーン企業を歓迎する姿勢を通して、分散台帳技術のジブラルでの成功に注力していることを聞き、心強く思えました。

上記で挙げた6つの候補地の全てでブロックチェーンに関する企業を創立・運営することは可能です。しかしながら、ジブラルタルでは、政治的および法令・規制面からの継続した支援が得られると思い、Nem Venturesをジブラルタルにおくことが決まりました。


Nem Ventures設立の際に、次のような質問を考慮しながら組織構造を決めました。





Nem Ventures






Nem Ventures

Nem Venturesは株式会社です。組織には、以前にプロポーザル(提案)で発表しました役員の他、法律と技術に詳しい方が一名ずつ在籍しています。株式は、提案に記載された通り、保証責任持株会社と役員により保有されています。Nemのブロックチェーンおよびエコシステムを活用することを目指すプロジェクトや事業に対して審査を行い、それらの企業において一定の持分を保有することや、その他の金融商品を有することで、持続性のあるファンドを組成することが重要です。私たちには、技術、会計、法務のそれぞれにおいて必要なリソースを使い、Venturesそれ自体と出資先の事業の成功を確実なものにする責任と義務があります。


換金や XEM の管理


Nem Ventures のプロジェクトの紹介






Nem Venturesについて、関心をお持ちいただき幸いです。準備が整いましたら、出資先のプロジェクトを紹介致します。Nemのコミュニティの力は限りなく、これら出資先プロジェクトの成功はコミュニティの支援が鍵を握ることでしょう。

Ventures ltd

Special thanks to @irishman72 for the translation.


Почему мы выбрали Гибралтар для Home NEM Ventures

Крипто-пространство является сложной и постоянно развивающейся областью. Крайне важно, чтобы мы нашли юрисдикцию, в которой нам было удобно, и в той же степени, в которой им было удобно с нами, как сейчас, так и в долгосрочной перспективе. На постоянно меняющемся рынке мы оценили 16 юрисдикций, чтобы убедиться, что мы принимаем осознанное и обоснованное решение о регулировании, поддержке и операционной деятельности, включая банковскую деятельность, NEM Ventures.

Установив короткий список из 6, который состоял из

· Эстония,

· Бермудские острова,

· Гибралтар,

· Швейцария,

· Мальта

· Сингапур

мы быстро сократили число стран-кандидатов до трех после разговоров с юристами на месте в этих странах. Эти беседы с юридическими представительствами продолжались на Бермудских островах, Мальте и в Гибралтаре, и мы использовали наши собственные личные сети для работы над потенциальными структурами и структурами, которые немного различаются в разных юрисдикциях - без каких-либо затрат для NEM.

Стало ясно, что можно использовать любую из трех стран-кандидатов, однако Бермудским островам еще не удалось разрешить возможность легко открывать счета в банках страны, и на Мальте существует более сложная налоговая система, предусматривающая выплату и получение компенсаций, к дополнению организации профессиональных услуг в этой сфере, с которыми мы имели дело, не вдохновляли нас на постоянные отношения. У Гибралтара есть четкое законодательство о DLT, установленные банковские возможности, четкие налоговые правила, мы нашли несколько авторитетных организаций, предоставляющих профессиональные услуги, которые могли бы помочь сейчас и постоянно, и, что важно, возможно переехать в другую юрисдикцию, если ситуация по каким-то причинам изменится в будущем.

Как только мы сфокусировались на Гибралтаре, представители Ventures приняли участие в конференции GibFin в Лондоне в конце октября 2018 года. Здесь мы смогли встретиться лицом к лицу с банками в юрисдикции, чтобы лучше понять, какие проблемы и требования у них есть. Мы поговорили с регулятором, с которым обсуждали, как они строят регулирование DLT снизу вверх, а не пытаются манипулировать традиционным регулированием, чтобы принять DLT, и как они рассматривают DLT как следующий ключевой компонент своего экономического прогресса после достигнутых успехов в игровой индустрии. Нам повезло поговорить с основателем Гибралтарской фондовой биржи и понять работу, которую они проводят, чтобы дать им платформу для продвижения STO, и их попытки установить базовые стандарты в глобальном масштабе, они также являются одним из основателей Verified Token Framework на ряду с NEM. Наконец, было обнадеживающим поговорить с главой торговли в Гибралтаре и услышать, как правительство сосредоточено на том, чтобы добиться успеха в DLT, продвигать курсы обучения DLT в университете и поощрять коммерческие предприятия в этой области называть Гибралтар домом.

Все юрисдикции-кандидаты с финального списка могут быть домом для компаний блокчейна. В Гибралтаре мы думаем, что у нас есть долгосрочное решение с государственным и регулирующим органом, который сосредоточен на том, чтобы сделать это успешным и поэтому мы рады, что создали NEM Ventures там.

Структура группы

Как получить источник средств, фактически никому не принадлежащий, чтобы иметь возможность законно инвестировать в фантастические стартапы? Каков наилучший способ защитить этот фонд с помощью сдержек и противовесов, чтобы его можно было использовать только для его первоначальной цели? И каковы правовые требования и практические аспекты, которые позволили бы ему работать наиболее эффективным способом?

Вот некоторые из вопросов, которые мы должны были рассмотреть при создании NEM Ventures. Исходя из этого, мы знаем, что нам нужно быть прозрачными и открытыми в том, как мы работаем для сообщества, потенциальных инвесторов и регуляторов. Для этого мы привлекли экспертов по управлению и праву и предложили несколько вариантов, все с положительными и отрицательными сторонами, с выбранной ниже настройкой.

· Целевое доверие

· Компания с ограниченной ответственностью

· Ventures [FL1] Ltd

Что такое целевое доверие и почему мы его используем?

Доверительный субъект не умирает и не имеет наследников или бенефициаров. Это служит одной главной цели - быть не для прибыли, а для улучшения экосистемы NEM. Его первая функция заключается в том, чтобы взять XEM и заплатить его в компанию с ограниченной ответственностью по гарантии. После этого он становится единственным участником Компании с ограниченной ответственностью.

Огромным преимуществом целевого доверия является то, что оно обеспечивает способ обеспечения доверия на благо NEM. Если правление Компании с ограниченной ответственностью является нечестным и ликвидируется / становится неплатежеспособным, деньги поступают в доверительное управление, а не выплачивается директорам компании.

Итак, что такое компания с ограниченной ответственностью?

КсОО не имеет акционеров и не занимается распределением прибыли. Она состоит из 7 директоров по нашим требованиям, и они состоят из доверенных членов NEMbers и экспертизы в коммерческих и управленческих вопросах.

Так что это просто оставляет NEM Ventures …

NEM Ventures - компания с ограниченной ответственностью. Она состоит из директоров, как указано в заявке, и двух других (один юридический и один технический эксперт). Ее акции принадлежат Компании с ограниченной ответственностью и частично принадлежат директорам в соответствии с предложением. Она уполномочена создавать устойчивый фонд, а также исследовать и занимать позиции (или другие финансовые инструменты) в проектах / предприятиях, которые стремятся использовать блок-цепочку NEM и ее экосистему. Ventures несет ответственность и обязана гарантировать, что она профессиональна, и будет задействовать технические / бухгалтерские / юридические ресурсы для обеспечения того, чтобы у самого себя и предприятий, в которых она находится, были самые большие шансы на успех.

Кажется простым, да? Проработав материал мы уверены в том, и подтвердили это с независимыми консультантами, что с этой структурой мы ограничиваем ответственность инвестиционной компании, обеспечивая при этом финансирование на уровне доверия, чтобы гарантировать, что XEM защищен и в безопасности от индивидуальной нечестной игры.

Так что насчет обмена денег и контроля над XEM?

Мы работаем с банками в Гибралтаре и расследуем дальнейшую работу одной из четырех крупнейших бухгалтерских фирм, чтобы помочь нам в операциях между странами / предприятиями / проектами. Часть этого исследования, которое мы смогли продвинуть после регистрации, состояла в том, чтобы присоединиться к потенциальным партнерам по внебиржевым операциям NEM. В настоящий момент это немного похоже на заявление «следите за этим пространством», но у нас есть принципиальные соглашения, которые позволят нам обмениваться XEM без какого-либо влияния на рынок.


Русская версия этого сообщения только для справки. В случае расхождений между английской версией и русской версией, английская версия имеет преимущественную силу.**

What does backlog mean?
Have you stopped providing funding for projects with names?

Which is a valid project?

A short informational update, light in detail on specific proposals on purpose, but intended to how what is happening by on the scenes

We sent out updates to the various proposals from late last week. Some have been rejected and some are moving to the next phase of due diligence and investment decisions.

We are not naming those that or progressing as they are not yet firm investments. So we cant name the rejections either.

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Apologies @GodTanu I just saw this question.

Backlog is the list of the proposals that were waiting in the NCF queue from before the NEM Ventures public vote.

Funding for projects that were approved before the NEM Ventures vote are still being funded under the old system with a committee measuring milestones and ensuring they meet the guidelines from when they were approved.

The list you quoted is one for proposals that are being considered for investment. Once we complete due diligence and investments are signed we will confirm which from that list will be backed by NEM Ventures.


バックログはNem Venturesが作られる前にNCFによりファンディングを受けていたプロジェクトを指します。


のデューデリと投資契約が締結されましたら、どのプロジェクトがNem Venturesから投資を受けるか、連絡します。

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Hi all, its been two weeks with no update so here is what has been going at NEM Ventures.

Its been a very busy couple of weeks, and obviously last week was somewhat turbulent for most of the community. We have been inundated with questions from a lot of places, as I am sure other members of the ecosystem have, so we published a basic NEM Ecosystem overview that seems to be well received. The draft version made it to NEM Russia, Espaniol, Japan, Red & Malaysia within hours of posting on our telegram channel. So we have put a more complete version on the website for easy reference:

If anyone is trying to explain the difference between NEM, the Foundation, the Devs, Tech Bureau, Ventures etc, it may be a helpful link to reshare. It has already been picked up by two websites/news blogs and we welcome anyone else who wants to share it, all we ask is that credit be given the original source.

NEM Ventures Highlights

  • We are in advanced stages of negotiation with 2 promising investments from the backlog, more detail once they conclude. One in particular is spinning off several very positive partnerships and we expect will generate some strong publicity in due course as well, lead via a massive PR agency in the industry. These are still subject to final agreement though so are not yet signed or able to be communicated publicly.

  • We are progressing a further 2 of the six with more detailed due diligence questions which is progressing well.

  • One of the backlog projects is having so much success they are very busy, we have placed them on hold to let them focus on the business rather than investment and will pick up as soon as they are ready. Its a very positive sign for them and we are glad to see the founder prioritising commercial viability over investment if it is not an immediate requirement.

  • We have been able to introduce the final company in the backlog to two potential sources of new business and also make connections between 3 of the backlog companies who are now starting to work together. Its great to be able to make connections for the benefit of everyone where we can see complimentary approaches

  • We have drawn down the first two tranches of the Operating Budget and are in the process of setting up a bank account, OTC facilities and sourcing accountants etc. We hope to be able to offer an OTC service introduction for projects or individuals seeking to liquidate larger volumes to try and avoid the dumps onto the market we have seen in the past and reduce price slippage. This is still under negotiation but it looks promising.

  • We hit all our milestones for Q1 and we are about to draw down the first tranch of the investment budget in advance of making the first investments

  • We have had very positive discussions with a couple of new partners which we can’t share detail on just yet but if they progress as we expect, its likely we will have some more positive news. These are similar in profile to the Blockchain Token Association (BTA) which brought NEM into an agreement to implement the Verified Token Frame (VTF), a security token framework which is akin to the minimum requirements needed to implement security tokens effectively on Catapult public chain

It may be a couple of weeks until the next update just because of how quickly things are moving but we will try and share as much as we can, when we can, as always


Thanks @DaveH for the highlights.

This has really gone quite far, I am sure there will be a few more updated versions of this soon. Thanks for putting things into perspective and excited to see projects get funded soon and succeeding for 2019/2020 and beyond.

How did this partnership progress? it is a very good step forward especially in anticipation for the Catapult public chain launch.

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Yep its popped up all over the place, we are happy for people to use it as long as credit to the source is noted.

How did this partnership progress? it is a very good step forward especially in anticipation for the Catapult public chain launch.

We are finalising the paperwork at present but NEM is now a founding member and appear in the media releases alongside names like TZero, Sharespost, Techemy Capital, GSX and others. We have undertaken a gap analysis with the PMC (core devs, tech bureau and NEM Europe) based on the framework document as it stands to date - we expect to be able to support it on v1 of Catapult Public Chain at this stage but there is naturally work still to be done to get there. It should line us up nicely for the Security Token movement that we can all see is on its way


As the blockchain lead for the DARC token building on NEM (and also an advisor for MarginX), I was very excited to see that NEM became involved with the VTF soon after its inception. I would love to be a part of the conversation as we as a community move forward in creating a Catapult-friendly security token standard. I think the potential is there to make a much more robust standard than anything I’ve seen so far on Ethereum. We at DarcMatter agree that this is 100% where NEM should be headed. I’m so glad to have run across this thread and can see just how much progress NEM Ventures has made in an extremely short amount of time.

This is awesome!

Hi @Prof_K - I’ll send you a PM

Afternoon all.

Update for the week - its a been a very busy and productive one, notable events below:

Which is a pretty big milestone for us, this means we have finished processing the NCF backlog except for a final few companies which we will make announcements on as we can. We expect to make the first one next week in relation to the first investment decision assuming paperwork goes smoothly.

The process for submitting is outlined here:

Please note that is a MINIMUM requirement that all proposals sign and NDA and submit a pitch deck with an overview not only of the project/tech but also a summary business etc. Once that is submitted, we will review briefly and either progress, ask clarification questions to allow progression or reject the proposal. Assuming it progresses, the next step will be to submit:

  • An up to date business plan
  • Financial forecasts

This is non-negotiable, we are assessing companies, not projects, any submissions that do not have these will be put on hold or rejected out right.

Several private approaches have been made trying to avoid doing this - for clarity it is the company’s job to present the proposed business/investment and do the homework needed to be considered a viable proposal, not ours to write it for the company. We have put some tips on the FAQ to help with this process for anyone not familiar with the requirements

We have made very good progress this week and been accepted for a bank account in Gibraltar, there are some KYC processes to finish but we expect to have an account in the next 1-2 weeks. This has taken about 2 weeks end-end and is just one of the reasons why we selected Gibraltar as a jurisdiction.

We have engaged a strong OTC partner who is working very efficiently behind the scenes with us and being understanding of our fluid nature just now while all the legalities are sorted out. We expect to be able to announce the partnership in the next couple of weeks. Similar to the Bank, there are some KYC paperwork processes to finish off but in principle it is there and has a very cost effective rate.

New Proposals
While we were going through the incorporation and backlog, we allowed various companies to submit pitchdeck’s to go on hold pending opening to new submissions. There were 23 in the end, mainly from people who just missed the NCF cut off, or referrals via the NEM Foundation. We didn’t look at any of these while processing the backlog but have now gone through the first pass:

  • Thirteen are coming into the first round of DD, the drop out rate in the round based on last time is likely to be about half
  • Four are on hold awaiting further information or for known/expected reasons
  • Six have been rejected, mainly due to not providing the required information

The way these will be processed is that the team will prioritise them based on attractiveness, need for funding, strategic relationships, responsiveness of the proposers etc. So we will not be processing chronologically as we did with the NCF backlog, this will be managed in more of a commercial manner and we will manage the queue as works most appropriately for NEM Ventures and ultimately the community.

Blockchain Token Association - Founding Membership
We have taken over the membership discussions with the BTA in order to secure access to the Verified Token Framework (VTF). This was originally being picked up by the Foundation but given the recent turmoil had stalled a bit. I have submitted our application and it has been accepted. NEM Ventures will now be paying the membership fee for this consortium on behalf of NEM generally and co-ordinate the relationship, bringing in the PMC etc where appropriate.

We have been speaking to a couple of promising early stage partnerships over the past two weeks that we hope to be able to share more in as they progress and we have finished appropriate due diligence on.

Next Week
There will no doubt be some distractions with the vote coming up but we hope to focus more on progressing the remaining NCF backlog proposals and the new deal flow in parallel. We encourage every member of the community to vote on both proposals - your voice is important and if you don’t vote, you can’t really complain if the result isn’t what you wanted.

To confirm, NEM Ventures has maintained neutrality with regard to both proposals as the custom/precedent. We will not be using our corporate wallets to vote, similarly to how the Foundation entities managed our own vote - so as not to skew the results with large holdings and we presume the two entities involved in the proposals will be doing the same as is the custom. The directors will cast individual votes according to their own views and a free to vote as they choose with no direction being suggested from NEM Ventures.

Its been a busy week and great to see some positive new stories coming up about NEM / XEM