Altcoin News: Litecoin Foundation Employees Voluntarily Reduced Their Salaries

August 22, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Litecoin Foundation employees volunteered to lower their salaries in order to support the organization amid falling donations. This was announced by Litecoin Foundation Board Director Xinxi Wang in a conversation with XCong.com.

“Our employees voluntarily decreased their salaries, which helped the foundation weather the storm,” he said.

According to Wang, the decline in donations in the first quarter was due to “market stagnation” and really influenced the organization’s operations, but the second quarter was “much better.”

Previously, The Block portal reported that the Litecoin Foundation has spent 75% of its cryptocurrency reserves since the second quarter of 2018 and in the first quarter of 2019 had a balance of $96,400. In 2019, the amount of the monthly donations of the Litecoin Foundation, as a rule, did not exceed $1,000, The Block claims.

Wang said the organization “ did not actively solicit donations from the community in Q1.” Also, the total volume of assets controlled by the Litecoin Foundation was affected by the drop in the rate of LTC.

“In Q2, we received hundreds of thousands of dollars worth of donations,” he added. Also, Litecoin is continually invited to speak at many blockchain events, and we have been continually signing partnerships in 2019.”

Author: Marko Vidrih