Litecoin (LTC) had to absorb some bad news and negative publicity spil the LitePay project unraveled. The expectation of a payment system and card held up the community&rsquo,s spirits for weeks. Despite the price slide, LTC managed to keep reasonably high levels.
Yet the news of LitePay abandoning the project coincided with another acute druppel te crypto coin prices ter general. Spil Bitcoin slipped below $8,000, the price of LTC lost around 11% to $141.46. Because of the general bearish mood on the markets, it is hard to pinpoint the reason for the price druppel te LTC.
Like everyone else, wij got too excited about something that wasgoed too good to be true and wij optimistically overlooked many of the warning signs. I am sorry for having hyped up this company and vow to do better due diligence te the future. https://t.co/khIjeHnyZ1
The LitePay startup, led by Kenneth Asare, is at this point defunct, spil the founder is preparing to sell the enterprise. The Litecoin Foundation provided initial funding for the building of a LTC-based payment system. However, Asare contacted the foundation for extra funding, without displaying enough transparency or progress. The Foundation refused the funding and abandoned the project.
&ldquo,Wij are greatly disheartened that this saga has ended te this way and wij apologize for not doing enough due diligence that could have uncovered some of thesis issues earlier. Wij are presently working hard to tighten our due diligence practices and ensure that this does not toebijten again,&rdquo, wrote the Litecoin Foundation te a latest blog.
Spil it turned out, the much-touted launch of LitePay at the end of February wasgoed just the opening of a signup form for merchants.
But even without the extra payment channel, the usage of LTC relies on a relatively large ecosystem, and transactions remain well ahead te comparison to Bitcoin Metselspecie. LTC is also widely used spil a means of withdrawing from exchanges. Litecoin wasgoed also listed by Forbes spil one of the most popular crypto coin for millennials, mostly due to the Coinbase effect.
Litecoin wasgoed recently chosen spil the toneel to host the brainy contract for the Abra app. The popular payment and trading app added 20 crypto coins, which would only exist te synthetic form, and the actual assets would be held ter a secure wise contract. Trading a &ldquo,snapshot&rdquo, of digital assets makes transfers much lighter and swifter, while ensuring on-chain security. However, the Abra app is very different from a wallet with a private key.