Economy

LitePay Merchant Solution Ceases Operations, Litecoin Foundation Apologizes For Hype

LitePay Merchant Solution Ceases Operations, Litecoin Foundation Apologizes For Hype”

The creator of Litecoin Charlie Lee took to Twitter to express his disappointment and to apologize for not thoroughly vetting Litepay before throwing the support of the Litecoin foundation behind the venture, he wrote.

However, that launch never came, and in a statement dated March 26, the Litecoin Foundation revealed that LitePay CEO Kenneth Asare had informed them that he had ceased all operations and meant to sell the company, an announcement that came less than two weeks after Asare held a much-lampooned Reddit AMA in which he gave few specifics about the project and was accused of evading questions.

The news comes after a series of troubling events, as outlined by Yong in the official announcement.

Calling Litepay's run a "saga" might be overstating the point, seeing as the project is shutting down after roughly a month of operations and little to no practical integration.

The price of Litecoin surged in mid-February on news that LitePay - which also claimed it would offer a crypto wallet and LitePay debit card through which users could convert Litecoin into U.S. dollars - would launch later in the month.

LitePay was a platform to be developed in order to accept LTC payments for retail, ecommerce, billing, and donations.

In an official post on the matter, the Litecoin Foundation said the AMA had raised concerns over Asare and LitePay's transparency.

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They were unable to give him any further funds due to this and That he refused to go into further detail about the company or show any objective evidence to back up his statements.

The Litecoin Foundation emphasized that "Litecoin was doing perfectly fine before the promise of LitePay and will continue to do so." .

Like everyone else, we got too excited about something that was too good to be true and we optimistically overlooked numerous warning signs.

Lee issued a separate apology via Twitter, in which he apologized to the community for having added to the hype and vowed to "do better due diligence in the future".

Following initial excitement surrounding LitePay's announcement in December 2017, the community began to suspect Asare of running a solo operation without any actual office or staff.

The problems with LitePay had become apparent during an "Ask Me Anything [AMA]" Reddit post by Asare from March 16, where he was unable to provide answers for numerous questions concerning the company's documentation, which Reddit users requested, the bulletin notes. The Litecoin Network also tries to process a block every 2.5 minutes, whereas Bitcoin's processing time is 10 minutes.

So, LitePay is no more. It's still unclear whether that funding went into development. Do you place any blame on Charlie Lee and the Litecoin Foundation for overhyping a failed project? Let's hear your thoughts in the comments.



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