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The Litecoin Foundation Ceases Operations With LitePay

The Litecoin Foundation has just annuonced that they’ve been contacted by Kenneth Asare, CEO of LitePay, informing them that all operations with Litecoin would soon cease and that he was preparing the sell the company.
This announcement has nothing to do with the cryptocurrency itself but an entity that gave merchants the ability to accept Litecoin more easily.

Prior to LitePay’s announcement, the Litecoin Foundation said that they contacted Mr. Asare about his, “less than transparent nature with the company,” and that they had grave concerns regarding a recent AMA done on the popular site Reddit. Immediately Assure asked the foundation for more money so that he could keep LitePay running. He was refused by the foundation because he wasn’t able to explain where the previous money had gone, nor would he comply with questions regarding LitePay's operations.

The foundation writes:

“Litecoin was doing perfectly fine before the promise of LitePay and will continue to do so. The ecosystem is far bigger than one company and is continually growing with support from many others with market ready products joining the space and fulfilling their promises to make it easier for the world to use Litecoin.
In the end, this is a valuable lesson for us to have learned. Litecoin and our community is as strong as it has ever been and we look forward to many great things to come. Thank you for your continuous support!”

LitePay is a San Francisco based company that began in 2017. Its object is to allow merchants the ability to accept Litecoin (LTC). The company also offered merchant processing, along with providing multi-signature wallets to clients and even a LitePay debit card which gave one the ability to convert LTC into USD.

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Jack Taylor is a freelance journalist who has contributed to many award winning media outlets on a wide range of topics regarding trending technologies, cryptocurrency, blockchain & digital privacy.
Tennessee