Market Stagnation Impacted Litecoin's Daily Operations

Employees of the Litecoin Foundation have volunteered for a pay cut to help the organization sustain through the times of decreased donations, especially in Q1 of 2019.

Member of the board of directors at the Litecoin Foundation, Xinxi Wang,
told XCong.com in an interview published on Thursday, “our employees voluntarily decreased their salaries, which helped the foundation weather the storm."

Wang further said that the decrease in donations for Q1 due to “market stagnation” did impact the organization’s daily operations, but Q2 was “much better.”

Wang said in the interview that the foundation “did not actively solicit donations from the community in Q1.” Further, as the price of litecoin (LTC) was low, the same amount of LTC donations were worth less than before.

“In Q2, we received hundreds of thousands of dollars worth of donations… and we have been continually signing partnerships in 2019,” Wang added, concluding:

“The foundation is still young and we are actively working to develop our strategic plans for long term success,” such as a crowdfunding system.