Payment service LitePay officially closed, thus destroyed the hope of wider support for cryptocurrency traders.
LitePay was launched with the aim of giving users a new cryptocurrency wallet as well as a debit card that would allow consumers to convert Litecoin to US dollars for payment at various locations. At the time, many enthusiasts were very warmly welcomed this idea.
Earlier it was reported that the start of services is scheduled for February 26, but in the end the timing was shifted in order to discuss the “less transparent nature” of the new business model.
The results of the company
Founder and CEO Kenneth Asare has decided to suspend all commercial operations. The official site reports:
“The Fund refused any additional funding, as it was unable to provide a satisfactory picture of where the funds would be spent, and Kenneth refused to tell in detail and demonstrate objective evidence to confirm his statements.”
Charlie Lee, Creator of Litecoin cryptocurrency, in his Twitter account said that he regrets the advertising of this product and that he missed important details. But Lee also promised to be more cautious in the future.
It should be noted that earlier reports of the launch of LitePay had a positive impact on the cost of LTC, at the moment the price of one coin is 141 us dollars.