The Litecoin Foundation, the team behind Litecoin (LTC), the world’s fifth-largest cryptocurrency based on its total market value, is currently going through a very difficult time. The Litecoin Foundation recently came up with the threat that donations to the foundation have declined and that the money in the reserves may soon be over.
Litecoin Foundation employees also made a recent decision to cut their salaries to compensate for falling donations. Litecoin Foundation chairman Xinxi Wang told XCong.com that employees voluntarily requested a salary cut, which provided a great deal of help for the Foundation.
Wang continued that the decline in donations in the first quarter of 2019 was mainly due to the recession that dominated the market as a whole, which affected even daily business, and that the second quarter was “much better” Said. The Litecoin Foundation’s latest data reported that it has melted 75 percent of its reserves since the second quarter of 2018. The Foundation’s total donations also fell to less than $1,000 monthly in 2019.
Partnerships for Litecoin Continue Unabated
Wang stated that both donations were low in the first quarter and that the LTC price was low, while the situation improved in the second quarter and continued with thousands of dollars in donations. Wang also promised that many new partnerships had rolled up their sleeves and would soon come up with new news.