The founder of Litepay has confirmed that they’re shutting down shop and offering the business to any interested seller. Litecoin's founder and the Litecoin foundation are showing remorse to the decision.
Litepay was supposed to be a revolutionary payment system for the cryptocurrency Litecoin, and it was officially launched at the beginning of February. However, we haven’t heard much from the company since. Some of the available services that were supposed to be offered were international payments for a fixed 1% fee, an instant crypto to fiat exchange, a Litecoin credit card supported by Visa. The company was offering services that were unheard of and the excitement for Litepay quickly grew in the cryptocurrency world.
It was evident that Litepay would be a game changer if it worked. Even Litecoin’s founder Charlie Lee showed his excitement and offered his full support to the project several times.
Litepay has failed
Unfortunately, it has now been confirmed that Litepay is shutting down and that the CEO is selling the company after being in business for less than two months.
The two main reasons why Litepay failed was that Visa stopped issuing cryptocurrency backed credit cards and the fact that Litepay was blowing through money without being able to show results, hence not being able to receive further funding.
What has the response been to Litepay’s decision to shut down?
In a Tweet on Monday, Charlie Lee expressed his remorse over the development.
“Like everyone else, we got too excited about something that was too good to be true and we optimistically overlooked many of the warning signs. I am sorry for having hyped up this company and vow to do better due diligence in the future,” Charlie Lee stated.
Similar responses have been seen from the Litecoin Foundation and users who have been looking forward to the services Litepay was supposed to offer.