Altcoin News

Litecoin (LTC) Founder, Charlie Lee, Says No Money Paid In Acquiring Stake In German Bank

Litecoin (LTC) Founder Charlie Lee has initiated an Ask Me Anything (AMA) on Reddit to proffer answers to certain gray areas regarding Litecoin Foundation’s partnership with TokenPay which resulted in the later transferring 9.9% stake acquired in WEG Bank to Litecoin. Charlie made it clear in the update that Litecoin Foundation did not pay anything in the acquisition of the said stake.

In the introductory message posted on Reddit, Charlie highlighted that there is a very clear difference between Litecoin and the Litecoin Foundation.

He said Litecoin is a decentralized network and currency while Litecoin Foundation (LF) is a centralized non-profit organization with the mission of advancing the development, adoption, and usage of Litecoin.

While reiterating that he created Litecoin, Charlie also confirmed that he is the Managing Director of the LF.

He said, “Litecoin doesn’t need LF or me for that matter, but I’m working hard with LF to make Litecoin a success”.

“If LF is not doing a good job, nothing prevents another organization to step up and do better. This exact situation actually happened last year when the LF came into existence because the Litecoin Association wasn’t doing a good job.”

He clarified that money invested into buying LTC does not go to the pocket of LF. However, Charlie is of the opinion that LF is working for Litecoin users for free to help increase the value of their investment.

Litecoin Foundation Partners TokenPay

Charlie continued by letting the crypto space understand that Litecoin Foundation is the firm that partnered with TokenPay Swiss AG (TP) in a deal to acquire a stake in a German bank, WEG Bank AG, and the partnership is not between Litecoin and TokenPay.

“This partnership is between LF and TP. The deal is that LF receives the 9.9% stake in the bank in exchange for technical work and marketing support for TokenPay, eFin decentralized exchange, and integration with the bank,” he said.

“To be clear, LF did not pay any money for this stake in the bank. The plan is also for me to get a board seat at the bank.”

Litecoin In The Market

The market is full of euphoria and most coins in the market are appearing with green colour as they stand to add more to their value as time pass by. Litecoin, the 6th largest coin according to market cap, known for its proficiency in everyday use is among the greener in the market today.

Even though Litecoin is ranked 6th on the table, it is sometime regarded among the first three most popular coins in the market.

Today, according to coinranking, Litecoin is been priced 84.13 against Dollar after adding 0.45% to its value in the last 24hrs. Similarly, in the last 7 days, the altcoin added 10.23% to its value. In a contrary manner, the last 30 days of the altcoin was featured with a drop in value when comparing the starting value ($96.74) with the present value. Litecoin’s value in the last 30 days dropped by 13.70%.

The present market cap of Litecoin is $4.83 billion, while $275.76 million represents its 24hrs trade volume.

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Yusuff O.
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