Litepay, the ghost of Litecoin past and Litecoins very own failed drive for cryptocurrency adoption. Although the first launch of Litepay failed massively, many have speculated that a new, clean cut and working version would be released soon, perhaps then, the first annual Litecoin summit will be the best platform for it? Is the first annual Litecoin Summit the platform that Charlie Lee and the team need to set off Litepay 2.0 with a bang?
LitePay, a much-hyped payment service allowing vendors to accept and instantly convert Litecoin payments into fiat currencies, has ceased all operations.
Too Good to Be True
The Litecoin Foundation announced yesterday that LitePay CEO Kenneth Asare has shut down all operations related to the project and is actively preparing to sell the company.
According to a post on its official website, the Litecoin Foundation had previously questioned Asare’s “less than transparent nature with the company” and mirrored the community’s lack of confidence following his recent Reddit AMA. In turn, Asare asked the Litecoin Foundation for more funding — which was denied. Writes the Foundation:
Crypto markets have been a little flat over the weekend, and there have been a few small shifts in either direction. Bitcoin has maintained a steady course around the $ 9,700 mark, fluctuating a couple of hundred dollars both up and down. The lack of momentum has trickled down through the rest of the altcoins, and there really isn’t much going on this morning, apart from in the Litecoin camp.