Charlie Lee Vows to Keep Funding Litecoin Foundation Amid Pay Cuts

Litecoin creator Charlie Lee remains committed to funding the Litecoin Foundation despite rumors that its financials are in the red.

Lee told CoinDesk the crypto bear market hurt the foundation's numbers much like other projects.

Since 2017, Lee's donations have accounted for some 80 percent of the foundation's funding.

"The goal, of course, is to get Litecoin Foundation to be self-sustaining from donations, partnerships and merchandise sales," Lee said.

"Until we get to that point, I have and will continue to support the Litecoin Foundation financially as necessary."

Litecoin Foundation board director Xinxi Wang said donations dropped in the first quarter of 2019 because of the broader bear market.

"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."

As XCong writes, foundation members took pay cuts in Q1 due to lower than expected funds.

Lee said the foundation is running ahead with partnerships as well, such as one with the NFL's Miami Dolphins.

Still, the mission remains on developing products for the Litecoin community.