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Litecoin Foundation employees ‘voluntarily decreased salaries’ in wake of reduced donations

Yogita Khatri

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.

Xinxi Wang, a board director at the Litecoin Foundation,  told XCong.com in an interview published 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.”

Just last week, The Block’s research analyst Matthew Yamamoto reported that the Litecoin Foundation has depleted 75% of its cryptocurrency reserves since Q2’18, leaving it with a remaining balance of $96,400 as of Q1’19. The foundation’s total donations have also largely been under $1,000 a month in 2019.

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.