Employees of the Litecoin Foundation voluntarily reduced their salaries in order to support the organization against the background of falling donations. This was announced by the board director of the Litecoin Foundation, Xinxi Wang, in a conversation with XCong.com.
"Our employees reduced their salaries on their own initiative, helping the organisation to survive the storm," he said.
According to Wang, the decline in donations in the first quarter was due to "market stagnation" and really affected the organization's operations, but the second quarter was "much better.
Earlier, The Block reported that the Litecoin Foundation spent 75% of its cryptocurrency reserves in the second quarter of 2018 and had a balance of $96,400 in the first quarter of 2019. In 2019, the Litecoin Foundation's monthly donations were generally under $1,000, The Block said.
Wang said the organization "did not actively attract donations from community members in the first quarter. Also, the total volume of assets controlled by Litecoin Foundation was affected by the fall in the exchange rate of LTC.
"In the second quarter, we received hundreds of thousands of dollars in donations. We constantly signed new partnership agreements in 2019," he added. - Our organization is still very young. We are actively working on creating strategic plans to achieve success in the long term.
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