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14:08 28.08.2019
2019-08-28
Neironix
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Charlie Lee Promised to Provide Financial Support to Litecoin Foundation 

The creator of Litecoin Charlie Lee said to CoinDesk that he still intends to fund the Litecoin Foundation, despite the fact that the situation in the organization is not as successful as everyone would like.

Charlie Lee told CoinDesk that the crypto bear market last year hurt Litecoin in the same way as other projects. Since 2017, Lee’s donations amounted to approx. 80% of the Litecoin Foundation’s funding.

The goal, of course, is for the Litecoin Foundation to be self-sufficient and live off donations, partnerships and souvenir sales. Until then, I will continue to provide all the necessary financial support 

stated Lee

Litecoin Foundation Director Xinxi Wang said in the comment to the Chinese news website XCong that the number of donations fell sharply in the first quarter of 2019 due to the market crash. However, Wang believes that after completing the second quarter audit, the number of donations to the Litecoin Foundation will increase.

Wang also said about his doubts if the number of donations is somehow related to enthusiasm:

I don't think there is a correlation between the number of donations and enthusiasm. Firstly, in the first quarter we did not attract donations so actively, and secondly, the price of Litecoin was low, due to which the same number of donations brought less money. In the second quarter, we received donations worth hundreds of thousands of dollars

Lee said

According to XCong, in the first quarter members of the fund reduced wages as the funds were less than expected.

Lee told CoinDesk that many employees voluntarily agreed to pay cuts in the first quarter, which is not typical for Litecoin Foundation developers.

Earlier this month, Litecoin also announced the partnership relations with Grin developer David Burkett for the further advancing of the Mimblewimble protocol.

We remind that yesterday Neironix published a detailed analysis of Litecoin, and also appealed to Charlie Lee in Twitter in order he in person comments on how the things are going with the development and financing of the project.

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