LitePay CEO Leaves Post After Failing to Explain Where Litecoin Foundation Spent Money

The Litecoin Foundation, which develops the ecosystem of the fifth largest cryptocurrency, announced that the CEO of LitePay payment processing company Kenneth Asare resigned and is preparing to sell the company..

Previously, the Litecoin Foundation contacted Asare about the opaque activities of his company and unsatisfactory answers to questions from users concerned about the lack of any progress in the development of the service, the launch of which many perceived as a turning point in the history of Litecoin.

According to the organization, at the same time, Asare turned to the Litecoin Foundation for additional funding, which, according to him, was required to continue the development of the project. The fund refused him this because Asare could not explain where he spent the money received earlier and refused to conduct a substantive conversation about the activities of LitePay.

“We are extremely saddened that this story ends in this way, and we apologize for not being vigilant enough to identify these issues at an earlier stage,” writes the Litecoin Foundation, adding that Litecoin has demonstrated success before the announcement of the creation of LitePay, and the cryptocurrency ecosystem is not limited to this service alone.

As a reminder, the launch of the LitePay payment service, which was expected to allow its users to pay for purchases using Litecoin, was scheduled for late February. Nevertheless, the main product of the service – a debit card – was not launched on the appointed day, as it was not launched after that. To a reasonable question from users about why the change in plans was not announced in advance, Asare also did not give a direct answer..

Similar articles

• Binance failed to agree with Japanese exchange TaoTao to exit…

  Binance failed to agree with Japanese exchange TaoTao to enter the local market Japanese cryptocurrency exchange TaoTao announced its end today…

• Poloniex Exchange Will Support Both Bitcoin Cash Chains After Hard Fo…

  Poloniex will support both Bitcoin Cash chains after a hard fork Poloniex cryptocurrency exchange this Wednesday announced that it will support both Bitcoin chains…

• Ethereum Classic Jumps 25% After Adding Announcement…

  Ethereum Classic Jumps 25% After Announcement Adding To Coinbase The Course Of Ethereum Classic, A Breakaway Cryptocurrency From The Original Blockchain…