Growth is definitely exciting, but a decline is not necessarily an enjoyable experience. In May 2017, NEX launched Project Infinity. The blockchain community was beaming with optimism for the opportunities that such a project could provide. Of course, it was not going to be all smooth sailing. Project Infinity had the task of integrating the firm’s full post-trade services portfolio into a single inter-operable blockchain architecture.
For those who don’t know NEX every well, it is a reputable trading firm that provides currency and fixed income platforms, as well as other post-trade products. Jenny Knott was the major brain behind the operation of the project. Well, she supposedly had a rich set of experiences as a former head of NEX Optimisation.
Then the Alarm Bells Suddenly Went Off
While people were still celebrating the birth of Project Infinity, the company pulled the plug on the excitement by letting Jenny Knott leave the company. This was shocking. It seems the hopes for Infinity were ushered out the door, along with Knott. The alarming down-scaling of the project ensued almost immediately. It looks like the beleaguered firm just woke up to discover that Project Infinity was no more than throwing money down the toilet. Hastily, the company began dropping personnel off the project. It was a violent bloodletting so to speak.
NEX Is Angrily Slicing the Jobs
Without courtesy, the company is throwing employees out the door to cut down on costs in the wake of down-scaling the Project Infinity. Dozens of jobs have been lost already. In addition to this, statistics point out that this downsizing approach from NEX could cost the blockchain industry over $31M USD. Nevertheless, the massive cuts in costs by NEX is not totally unrelated to the purported sale of NEX to futures trading giant – CME Group. In the light of this, CME is aiming to buy NEX for £3.9B GBP.
Inside Reports Show Things Could Be Worse
Reports are suggesting that the company is not only scaling back Project Infinity, but others say the company is possibly abandoning it. Insider reports reveal that aside from Jenny Knott who left, NEX terminated other key brains behind the project. Some believe that things went wrong when NEX made Project Infinity a program. According to a former employee, “When you make something into a ‘program’ it means hiring all these people who plan things and do tons of spreadsheets and so on.”
In the end, all we can do is mourn the seeming demise of the ambitious Project Infinity from NEX.
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