Despite Rumours Charlie Lee Committed to Fund the Litecoin Foundation
By Luke Flowers – Cryptocurrency Broker
Charlie Lee, the creator of Litecoin, is dedicated to continuing the funding of Litecoin Foundation in spite of pay cut rumours.
In his interview with CoinDesk, Lee said the crypto bear market hurt the crypto foundation’s numbers as it did with other projects as many looked to sell crypto as opposed to crypto buying. Lee’s donations accounted for 80% of the foundation’s funding since 2017.
Lee said:
“The goal, of course, is to get Litecoin Foundation to be self-sustaining from donations, partnerships and merchandise sales. Until we get to that point, I have and will continue to support the Litecoin Foundation financially as necessary.”
Though Lee has planned ways for the foundation to become self-sustaining without the need to sell Litecoin, the network needs greater adoption and functionality. Once there are more use cases, people will be encouraged to buy Litecoin for everyday transactions.
Xinxi Wang, board director of the Litecoin Foundation, said that the broader bear market resulted in donations being dropped in the first quarter of 2019. Though once the Q2 audits have been finalised, Wang expects the donation numbers to go up as the markets have seen positive upturn.
Wang told Chinese news site XCong, “I don’t think there is a correlation between donations and enthusiasm. First, we did not actively solicit donations from the community in Q1. Second, the price of Litecoin was low, so the same amount of Litecoin donations were worth less than before. In Q2, we received hundreds of thousands of dollars worth of donations.”
Though donations are sure to help fund the foundation, they could be seen to be negative for the price of a coin, if the entity was to sell Litecoin back to the markets to fund their activity.
Because of the less-than-expected funds, XCong writes that foundation members took pay cuts in Q1.
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