Litepay Inc to be Sold

Litepay CEO appealed to the Litecoin Foundation for additional funding, in which the organization denied him
27 March 2018   1595

CEO of the processing service LitePay Kenneth Azare suspended all operations of the company and is preparing for its sale.

It turned out that Azare appealed to the Litecoin Foundation for additional funding, in which the organization denied him because of the opaque budget allocation and questionable management of the company.

We are greatly disheartened that this saga has ended in this way and we apologize for not doing enough due diligence that could have uncovered some of these issues earlier.  We are currently working hard to tighten our due diligence practices and ensure that this does not happen again.

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.

Litecoin Foudation

The launch of the processing service LitePay didn't took place on the appointed day. It was expected that LitePay will become an analog of the popular Bitcoin-processing service BitPay, but for the Litecoin.

Litecoin to Join Forces with Beam

MimbleWimble technology can be theoretically integrated into Litecoin
08 February 2019   480

Representatives of the Litecoin Foundation together with the developers of Beam  cryptocurrency are exploring the possibility of integrating MimbleWimble technology into Litecoin.

We have started exploration towards adding privacy and fungibility to Litecoin by allowing on-chain conversion of regular LTC into a Mimblewimble variant of LTC and vice versa. Upon such conversion, it will be possible to transact with Mimblewimble LTC in complete confidentiality.

Beam Team

It is noted that further results of cooperation of the company will be reported in their official blogs.

Worth reminding, in January Charlie Lee reported on implementation of confidental transactions in Litecoin.