Litecoin Foundation is a nonprofit organization specializing in software development and promoting state-of-the-art blockchain technologies. The main task of the organization is the promotion of its own cryptocurrency called Litecoin (LTC). The headquarter of Litecoin Foundation is located in Singapore.
The company is managed by Charlie Lee, who is the founder and managing director of Litecoin Foundation. Board of directors also includes Xinxi Wang, Franklyn Richards, and Zing Yang. The development team is presented by The Litecoin Core. It is a different subdivision, but it works closely with The Litecoin Foundation which provides financial support.
The Litecoin Foundation, which previously operated as a nonprofit organization, was officially registered as a public company with the responsibility of the participants within limits guaranteed by them in April 2017. This was reported on the official blog of the Litecoin Foundation. The company is registered in Singapore. Its main activity is software development. A more detailed description indicates the development, promotion, protection, and standardization of the Litecoin system.
Litecoin debit card
Litecoin Foundation, a nonprofit organization, engaged in the promotion of Litecoin cryptocurrency (LTC), announced on June 20, 2019, that it would launch a debit card that will allow LTC owners to spend their cryptocurrency on the Internet or real stores. The Litecoin Foundation, in partnership with the Bibox exchange and the blockchain business group Ternio, intends to issue a special card that will use the existing Blockcard platform (from Ternio).
Bibox Crypto Exchange will provide storage and withdrawal of funds for cardholders, and the estimated turnover should be at least $ 200 million.
The technological blockchain-platform Ternio will perform transactions in litecoins, as well as in native tokens Bibox (BIX) and Ternio (TERN). Thanks to the partnership with Visa, the debit card can be used on any terminals that work with this payment system.
Now Litecoin Foundation joins the ranks of companies that issue cards that allow you to spend cryptocurrency from exchanges. Earlier it was reported that the American cryptobirge CoinBase launched a similar service in 7 countries in Europe.
It is hoped that Blockcard will become a more successful project than LitePay 2018, which was abandoned as a result of the negative perception of cryptocurrency companies by card issuers.
The Litecoin Foundation also announced that the Blockcard would be issued to American clients first and then around the world.
Partnership with the "Beam"
In February 2018, the Litecoin Foundation announced its collaboration with software development company Beam. The main goal of the partnership is to explore the implementation of a new protocol, which is called “Mimblewimble” that would improve privacy and scalability. Innovative development allows you to achieve confidentiality by encrypting payment values and using the so-called “blinding factor.” According to representatives of technological development, their views and directions completely coincide with the interests of the company, for whom privacy in cryptospace is the main priority.