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Singapore Registers the Litecoin Foundation as Public Company Limited

Last Updated March 4, 2021 4:55 PM
Samburaj Das
Last Updated March 4, 2021 4:55 PM

The Litecoin Foundation, a non-profit organization headed by Litecoin creator Charlie Lee has been successfully incorporated as a public company limited by guarantee by the Accounting and Corporate Regulatory Authority (ACRA) of Singapore.

The Litecoin Foundation made the announcement on its website, confirming its live status as a public non-profit company starting Monday. Under Singaporean law, a ‘public company limited by guarantee’ is set up for non-profitable reasons, with liability limited to the amount that members contribute to the assets of the company. Notably, the foundation financially supports members of the Litecoin Core development team.

Details from the announcement reveal the scope of activities undertaken by the Litecoin Foundation. More specifically, the designation of ‘development of other software and programming activities’ which covers the ‘development, promotion, protection and standardization of the Litecoin system.’

Charlie Lee serves as a full-time managing director at the foundation alongside directors Xinxi Wang and Franklyn Richards, a developer and designer respectively. Wang also took to social media to make the announcement public.

‘While the Core ream is different from the Litecoin Foundation, the Litecoin Foundation closely works together with the Core team and support them financially,’ reads a description of the foundation’s tasks.

Separately, the Litecoin Association, which advocates on behalf of Litecoin and has previously worked alongside the Litecoin Core development team to roll-out the cryptocurrency’s roadmap for the future in mid-2016.

Created by Charlie Lee as the ‘silver’ to bitcoin’s ‘gold’, Litecoin has made notable gains in recent days.

Toward the end of the last week, Litecoin prices had nearly doubled, climbing to a near 2-year high with significant trading volumes from US-based Poloniex, European exchange BTC-e and two of the ‘big three’ Chinese exchanges in OKCoin and Huobi. It wasn’t long before Litecoin prices doubled in a space of five days to reach beyond $8 per coin, with a plausible SegWit activation looming large. On April 1st, Litecoin’s biggest pool – F2Pool, signaled for SegWit after previously revealing their intention to do so in communication with CCN.com.

At the time of publishing, Litecoin prices are down 10% in a 24-hour trading period according to data from CoinMarketCap , as the cryptocurrency’s market capital dips below $400 million at $7.58 per coin, placing it at #5 on the list of the biggest cryptocurrencies by market value.

Featured image from Shutterstock.