Charlie Lee, the creator of Litecoin's cryptocurrency, promised to continue providing financial support to the Litecoin Foundation after media reports about the organization's predicament.
In a conversation with CoinDesk, he said that the Litecoin Foundation was influenced by the bear market, as well as other companies in the cryptocurrency space. Since 2017, the founder of Litecoin has accounted for about 80% of the organization's funding.
Of course, the goal is for Litecoin Foundation to be self-financing through donations, partnerships and attribute sales," he said. - Until we come to this point, I support and will support the Litecoin Foundation financially as needed.
Earlier, Director of the Board of Directors of the Litecoin Foundation Xinxi Wang said that the volume of donations fell in the first quarter of 2019, but in the second quarter the situation began to improve. He also said that the organisation's employees voluntarily reduced their salaries to support it in difficult times.
Lee says that this is a normal practice among the developers of the Litecoin Foundation: "There have been a couple of cases when employees asked to reduce their salaries during the market downturn in order to provide additional support".
According to Lee, the Litecoin Foundation is successfully developing cooperation with external agencies, such as the NFL Miami Dolphins team. At the same time, the main task of the Litecoin Foundation remains the development of products for the community members.
Last week, Li reported on the progress in increasing Litecoin's privacy through the MimbleWimble protocol.
What do you think will someone from steem inc fund steemit in bad times like now?