In a surprise twist to end the Litecoin Summit in Nashville, Charlie Lee announced that he would be offering $1.25 million in funding, as an annual contribution of up to $250,000 per year for the next five years, via matching donations to Litecoin Foundation!
From this $250,000 contribution, $50,000 will be earmarked for any donations to the recently launched dedicated Lite.Space development platform and bounty program, with an additional $200,000 for direct donations to the Foundation itself. Charlie will match donations dollar for dollar!
Charlie highlighted that the Foundation often faces challenges in deciding which projects to help support, and because of that he wants to help accelerate donations not only the Foundation directly but also third party development that has been so active in the community.
“Because Litecoin was launched fairly, as you all know, we didn’t print money for ourselves. So because of that the Litecoin Foundation is very lean. Most projects that come to us we have to turn down because we don’t have the funding. I want to change that.” - Charlie Lee
For those interested, Litecoin Foundation was granted 501(c)(3) status through its US entity Litecoin Foundation Inc. Donors in the US will be able to donate to the US entity and take advantage of a tax deductible contribution.
For those who would like to support the Litecoin Foundation, you can make donations in crypto or USD via www.litecoin.net and anyone curious about development, bounties or helping to support them can visit https://www.lite.space/missions and be able to contribute to a variety of initiatives from Litecoin Core and MWEB development to a fleet of new ideas. In addition, anyone working on projects related to the Litecoin ecosystem can submit their project for consideration.
Litecoin Foundation is a nonprofit organization, whose mission is to advance Litecoin for the good of society, by developing and promoting state-of-the-art blockchain technologies.
