On Monday, 26th of march, the Litecoin Foundation released a statement saying that the new payment processing company for Litecoin is shutting down and ceasing all operations.
The statement says that Kenneth Asare, CEO of LitePay, has not been able to to detail where the spending money was going and was operating in a less than transparent nature. Because of this reason Litecoin Foundation refused to give LitePay and Asare any further funds.
This is of course bad news for Litecoin but not the end, Litecoin was working well before LitePay and will work good after to.
Since the release of the statement LTC have dropped 10%+.
What was LitePay?
- LitePay was going to be the payment processor of Litecoin and businesses was going to be able to accept payment in Litecoin.
- LitePay was going to allow businesses to accept Litecoin payments by instantly processing the payments that are settled directly with their banks.
- The cryptocurrency is stored in a digital wallet where service users can manage their Litecoin payments and activity and load coins onto the LitePay card – the money is taken directly from the Litecoin wallet.