Charlie Lee to continue funding Litecoin Foundation despite the financial setback

Fibo Quantum

  • The crypto bear market has hurt Litecoin’s numbers.
  • Lee says that the main mission is focused on introducing new products to the Litecoin community.

Charlie Lee, creator of Litecoin has vowed to remain committed to funding the Litecoin Foundation despite the talks about the company’s financial issues. He said that the crypto bear market has taken a toll on the Foundation’s numbers. Since 2017, his donations have accounted for around 80% of the Foundation’s funding. 

Lee stated:

“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.”

Xinxi Wang, the board director of Litecoin Foundation, said that the donations reduced in the first quarter of 2019 due to the broader bear market. He’s expecting it to raise after the Q2 audits are completed. 

Wang said:

“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.

With that in mind, there have been a couple of instances where employees have asked that their salary be decreased during down markets in further support of the Foundation.”

Lee said that the Foundation is running ahead with partnerships as well. This includes the one with NFL’s Miami Dolphins. However, the main focus is on introducing products for the Litecoin community. You can read about Litecoin’s latest price action here.