LTC Creator Charlie Lee: Despite Rumors, Will Continue To Fund Litecoin Foundation

    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.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Gabriel Machado
    Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Binance CEO: Once QE Money Starts Flowing, BTC's Price Will Go Up ‘Very Dramatically'

    “Since coronavirus took over, business-wise the platform is doing really well” - CZ COVID-19, QEg, depression, and countries printing a lot of money...

    South Korean Central Bank to Roll Out Pilot Program to Test CBDC Through Dec 2021

    On April 6, South Korea’s central bank has made the announcement that it started a pilot program for assessing the logistics of a central...

    Former Goldman Sachs Fund Manager Suggests Allocating 25% in Bitcoin

    When Raoul Pal, the former hedge-fund manager who founded Real Vision first learned the coronavirus was spreading rapidly, he thought, “The whole world's f---ed,”. "I...

    PwC Report Reveals 2019's Crypto M&A's Dropped Sharply; Total Value Decreased By 76%

    The 2017 market boom led to the new era of funding in the decentralized space called ICO, however as we entered the bear market...

    How Much New Inflow Bitcoin Needs to Stay at this Price Level?

    For the last 2.5 years, $400 million of new investment each month kept BTC price at $7,000, after halving it would require just...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.