LitePay was originally announced to be an all-in-one solution for businesses who wanted to accept Litecoin, similar to what BitPay is doing for Bitcoin. The startup promised to offer retail, eCommerce, billing and donation tools for Litecoin payments with settlement being made directly to the bank account of the merchant in a native currency. The service was announced in early 2018 and it has been just called off already.

The launch of service has been previously rescheduled from February to March and news also came out that LitePay had to postpone its Litecoin Debit Card plans due to issues with their card issuer.

Just today the Litecoin Foundation announcement came out explaining that Kenneth Asare, CEO of LitePay, informed them that they have ceased all operations and are preparing to sell the company. We also get some details on the previous shady history of the business: according to the statement the foundation previously approached LitePay and expressed their concerns about the less than transparent way of communicating expenses and progress that the company was pushing towards investors and the community. During these talks the CEO asked for additional funds from the foundation in order to keep the startup on track, the request got denied from the Litecoin Foundation as the business failed again to provide transparent data.

Now it seems that LitePay ran out of funds and out of business as well. We hope that someone reaches out and takes over the project, but for that to happen there needs to be some form of value presented from LitePay’s side.