Litecoin Foundation officially registered in Singapore to provide financial support to the development team

The Litecoin Foundation is a non-profit organization led by Litecoin founder Charlie Lee. The organization has been successfully registered as a public guarantee company with the approval of the Accounting and Corporate Development Authority (ACRA) of Singapore.

The Litecoin Foundation announced on its website that the organization officially became a non-profit company starting this Monday. Singapore law stipulates that a "public guarantee company" is established for non-profit purposes and its members are responsible for contributing assets to the company. It is worth noting that the main task of this foundation is to provide financial support to the Litecoin Core development team.

The Litecoin Foundation further disclosed the details of the activities it is responsible for, namely "commissioning various software and programming development activities related to the development, promotion, protection and standardization of the Litecoin system."

Li is the full-time managing director of the foundation, with developer Xinxi Wang and designer Franklyn Richards serving as directors, with Wang also in charge of media affairs.

The foundation's mission is described on its website:

Although the Core Team (LTC) and the Litecoin Foundation are responsible for different matters, the Foundation should work closely with the Core Team and provide them with financial support.

In addition, the Litecoin Association, as the image representative of Litecoin, once cooperated with the Litecoin development team to launch the development plan of this cryptocurrency in mid-2016.

While Bitcoin is seen as “digital gold,” Lee wants Litecoin to become “silver,” a cryptocurrency that has reaped the rewards of recent gains.

Last week, the price of Litecoin almost doubled, creating a two-year high, with a lot of trading volume on Poloniex, BTC-e, OKCoin and Huobi. Litecoin's price exceeded $8 in just 5 days, and the upcoming activation of Segregated Witness (SegWit) may be the biggest reason. On April 1, F2Pool, the largest mining pool in the Litecoin field, chose to support the activation of Segregated Witness.