Bitcoin Forum

Litecoin is launching its new payment app, called LitePay roughly within two weeks. The new app will allow the fast Litecoin (LTC) based transactions.
Know More: https://coinpedia.org/news/litepay-litecoin-payment-app-launch-2-weeks/

To the Entire LTC Community,

We wanted to inform you that a couple of days ago, the Litecoin Foundation was contacted by Kenneth Asare, CEO of LitePay, informing us that he has ceased all operations and is preparing to sell the company.

Prior to that, the foundation had approached Kenneth regarding his less than transparent nature with the company and to express our, and the community’s, concerns regarding his recent Reddit AMA.  It was at this time that Kenneth asked the foundation for more funds to continue operations.   The foundation refused any further funding as he was unable to provide a satisfactory picture of where the money had been spent and refused to go into exact details about the company and show objective evidence to back up his statements.

We are greatly disheartened that this saga has ended in this way and we apologize for not doing enough due diligence that could have uncovered some of these issues earlier.  We are currently working hard to tighten our due diligence practices and ensure that this does not happen again.

Litecoin was doing perfectly fine before the promise of LitePay and will continue to do so.  The ecosystem is far bigger than one company and is continually growing with support from many others with market ready products joining the space and fulfilling their promises to make it easier for the world to use Litecoin.

In the end, this is a valuable lesson for us to have learned. Litecoin and our community is as strong as it has ever been and we look forward to many great things to come. Thank you for your continuous support!

– The Litecoin Foundation

Sad, i thought LitePay is the next, big move for Litecoin and now this news. I still thing the Litecoin project is good, but this are really bad news.  :'(

I think they just wanted to make money, buy low and sell high. They pumped the price.

So all these ltc developments are as a result of bitpay not accepting litecoin payments ::)

Btw i wonder why litecoin isn't supported by bitpay...anyway a new competitor is born and if this litepay project proves to provide fast payments and becomes popular I see this technology expanding to Bitcoin.

LitePay stops all operations.
Payment service LitePay officially closed, thereby destroying the hopes of a wider support for merchants of crypto currency.

Source: https://litecoin-foundation.org/2018/03/announcement-on-litepay/

I can't understand who will buy the company after they have destroyed their name in this way. This was clearly a sign of how you can easily manipulate the markets, even tho there are services out there that will allow you to do what LitePay aimed for it was certainly hyped company within liteocin community. Everybody was exited, now they seek to sell it to other investors, I don't think, if their company gets sold that I am going to do any transactions from LitePay. Although this is their company and they can do whatever they want to with it.

The problem with LitePay blowing up is 1) the lack of oversight makes LTC foundation look weak...so who would partner with them on something similar after this fiasco...

2) BitPay won't take LTC so we are stuck there as well 3) means IMHO, LTC is even MORE connected to BTC's apron strings then before....at least we had some illusion

of trying to break free (LTC) in its own way...so confused on where they go from here on the whole attempt of being accepted by merchants etc 4) other than being a

testbed for bitcoin core ..before stuff hits the btc chain.....nothing going on dev wise at that end...lighting is fine...but now we've shown weakness by the LTC foundation

of overseeing such

likely this is gonna reflect in price...hopefully only sideways though (a guy can hope)

brad

Sadly, many have put too much hope into Litepay and invested in LTC just because of this. Many of them are going to start dumping now...

I think that it is a decision who is made very fast. The launch of this idea was approximately in February and now they have decided to stop with this project.