Charlie Lee promised to provide financial support for Litecoin Foundation

The creator of the cryptocurrency Litecoin said that he intends to provide financial support to the Litecoin Foundation, despite the not the best state of affairs in the organization. This is written by CoinDesk .

According to Lee, whose financial donations from 2017 have been about 80% of the total funding of the Litecoin Foundation, the bear market last year had an extremely negative impact on the organization's position. However, many other projects were in the same situation.

“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 , ”said Lee.

Meanwhile, Litecoin Foundation director Xinxi Wang, in a commentary to the Chinese edition of XCong, noted that due to the market drop, the number of donations fell in the first quarter of 2019. Nevertheless, he expects that according to the results of the second quarter audit, this figure will be higher.

“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, ”he said.

The publication also reports that in the first quarter, Litecoin Foundation employees agreed to a reduction in wages. Charlie Lee confirmed this information, noting that this is not unusual for Litecoin developers.

He also assured that the organization is actively looking for new partners, one of which has recently become the Miami Dolphins football club.

Nevertheless, the main focus is on the development of new products based on Litecoin, which, for example, include the integration of user-oriented privacy technology Mimblewimble.

Alexander Zaidelson, CEO of Beam, a cryptocurrency project using Mimblewimble technology, has confirmed that the parties are engaged in an “open dialogue” in this context. In particular, Beam developers offered their colleagues from Litecoin assistance in creating solutions, mainly related to architecture and design.

Additionally, the Litecoin Foundation is partnering with Grin cryptocurrency developer David Burkett.

Let me remind you that in July, the new version of the Beam client implemented support for atomic swaps between Bitcoin and Litecoin.

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