LitePay CEO shuts company down, prepares to sell it
LitePay CEO Kenneth Asara has chosen to close up the payment processing service and now intends to sell the company.
News of LitePay shutting down was revealed by LiteCoin via a statement on their website (seen below).
LitePay was only in operations for about a month and the launch was met with joyous exhilaration from the cryptocurrency community. Some speculated that it could be a gamechanger and its developers hailed it as a transaction tool that was, “created to bridge the game between merchants and the cryptocurrency world, all on one simple, secure and fast platform.”
Things began to turn sour after LiteCoin reached out to Asara and questioned him about his March 16 Redditt AMA, in which more questions were raised than were answered.
Charlie Lee, LiteCoin founder, took to Twitter to express regret and take some of the blame.
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. https://t.co/khIjeHnyZ1
— Charlie Lee [LTC] (@SatoshiLite) March 26, 2018
The future for LiteCoin, however, is still bright, according to the statement released today. The question that remains now is if LitePay will find a buyer.