Several rumors that the Litecoin Foundation is in the red have started to surface some time ago. Because of this, some people in the community became afraid that funding from the Litecoin Foundation would be cut. Charlie Lee, the creator of the token, is having none of that. He has recently told the crypto media that he remains committed and that funding will continue.
Despite his continuous support, however, the bear market has definitely taken its toll since last year. According to reports, 80% of the funding of the Litecoin Foundation still comes from Lee.
He has affirmed that the ultimate goal is to create something that can be as self-sustainable as possible, but that they simply don’t have a lot of choices right now. Until the point in which donations, merchandise sales, and partnerships can sustain the foundation alone, he will continue to be the main supporter.
Xinxi Wang, a board director of the foundation, affirmed that the bear market caused donations to go down. According to her, the audits of Q2 2019 are almost complete, so the next numbers may be more favorable to the institution.
Due to the unexpected lack of funds, several members of the foundation took pay cuts. They asked themselves for the cut in order to support the project. Now, the community is trying to find more long-term solutions. One of them is a partnership with the NFL’s Miami Dolphins.
The Litecoin Foundation continues to be strong and to develop new solutions for its community.