Welcome to the latest bi-weekly roundup of the most discussion-worthy news content related to the Litecoin blockchain network & its cryptocurrency LTC. Plus a brief look at periodical price movements.
September 19, 2019
Litecoin Foundation Partners With Celsius Network
A partnership has been announced between Litecoin Foundation and Celsius Network which will see the latter becoming the foundation’s “preferred” interest-earning wallet. according to a press release issued September 19.
As part of this agreement: Celsius has been chosen to manage a portion of the foundation’s treasury funds in what has been referred to as “a first for the organization”, although the value has not been specified.
Celsius Wallet is a self-described “industry leading” cryptocurrency platform which focuses largely on lending solutions. It allow customers “to earn, borrow or pay” on the blockchain with the stated mission of making financial services more “fair, rewarding and transparent”.
“WE ARE EXCITED TO SELECT CELSIUS NETWORK TO PROVIDE LITECOIN HOLDERS A NEW SET OF USE CASES FOR THEIR HOLDINGS.
THE ABILITY TO GAIN INTEREST ON, AND TAKE OUT LOANS AGAINST THEIR LITECOINS…[This] PROVIDES NEW OPPORTUNITIES FOR INDIVIDUALS TO GROW THEIR HOLDINGS AND TAKE ADVANTAGE OF FINANCIAL SERVICES THAT HAVE PREVIOUSLY BEEN UNAVAILABLE TO CRYPTOCURRENCY USERS.”
Charlie Lee (Litecoin, Creator and Managing Director)
The Celsius wallet is built on ‘CEL‘, an in-app utility token which offers holders access to a range of exclusive benefits.
According to CoinMarketCap: the total supply is 695,663,643.38 CEL and its circulating supply is 284,262,271.86 (40.9% of total supply); with a locked supply of 411,401,371.52 tokens (59.1% total).
Wallet rewards are divided into three tiers (Silver, Gold and Platinum), with the the customer rate of interest depending on how many CEL tokens they are holding.
Additionally, Celsius advertises that LTC users who choose the wallet are able to earn up to 10.53% interest on their token holdings, in addition to leveraging it as collateral for USD loans with interest rates “as low as 4.95%”.
“LITECOIN FOUNDATION GIVES US ACCESS TO AN UNPRECEDENTED AMOUNT OF LTC HOLDERS, REPRESENTING YET ANOTHER MONUMENTAL STEP FOR CELSIUS IN OUR MISSION TO BRING FINANCIAL SERVICES TO THE MILLIONS OF UNBANKED AROUND THE WORLD.”
Alex Mashinsky (Celsius Network, CEO)
Other recent partnerships include Bitcoin.com, which Celsius is working with to enable on-platform purchases of various cryptocurrency tokens: including BCH, BTC and ETH.
Celsius is also going to be the ‘Title Sponsor’ of the forthcoming 2019 Litecoin Summit, October 28th & 29th in Las Vegas, and as such: will be delivering a keynote speech at the event.
September 9, 2019
Litecoin Foundation Exceeds Community Funding Goal
An initiative started by Litecoin Foundation co-founder Xinxi Wang in August 2018 finally met its target on September 9, 2019 – as announced by Wang via Twitter.
An initiative started by Litecoin Foundation co-founder Xinxi Wang in August 2018 finally met its target on September 9, 2019 – as announced by Wang via Twitter.
Wang’s original goal was to raise 45 LTC (approximately $2,550), and yet Wang’s tweet confirms that the goal was exceeded by an additional three LTC. This brought the total approximate value of these raised funds to $2,720.
“To build such a platform, we plan to not rely on the funds of the Litecoin Foundation; instead, we bootstrap by setting up this platform-building project following the same spirit of its own but using this forum thread.”
Xinxi Wang (Litecoin Foundation, Co-founder)
The platform will work as follows:
- Projects are submitted and agreed upon by the community of Litecoin focused developers and teams who, upon approval, must appeal directly to other community members (investors, enthusiasts, etc) for donations.
- Leaders are then required to provide periodical updates upon achievement of milestones, resulting in the partial release of escrowed donations by the Litecoin Foundation.
- A project is concluded once all objectives have been achieved and all funds are released.
Despite the campaign having ended however, there have been no reports of Litecoin attempting to return funds to donors. 45 LTC was the purported total cost of the crowdfunding project.
It is presumed these additional tokens will also be invested into the project.
“While projects on this platform will mostly proceed autonomously, the Litecoin Foundation, with the help of the Litecoin Core team, will determine whether the community has reached a consensus…
Also, the Litecoin Foundation may help solicit funds for some projects or even directly fund them if it wishes, subject to its policies especially the conflict of interest rules.”
Xinxi Wang (Litecoin Foundation, Co-founder)
September 9, 2019
“I see cryptocurrency as freedom of money” Charlie Lee to CryptoSlate
Creator and Managing Director of Litecoin Foundation, Charlie Lee recently gave an exclusive interview to blockchain publication CryptoSlate regarding performance and performance news regarding the Litecoin Foundation, Litecoin token and its network.
He brushed off questions of potential scaling problems affecting the Litecoin network suggesting that it works “perfectly fine right now”; and that both transaction fees and completion times are still low when compared to alternatives such as wire transfers.
“Today, if I want to send a large amount of money overseas then I have to do a wire transfer, it costs $20-35 per transfer, and it takes half a day.
And you have to jump through hoops to make that happen. And it can be censored, and potentially even reversed.”
Charlie Lee (Litecoin, Creator and Managing Director)
Lee also bolsters the relevance of tokens such as Bitcoin and Litecoin “as a store of value” which uniquely represents what he calls “freedom of money” which may inevitably overtaking existing standards.
“I’d like to see that revolution happen, where cryptocurrencies become the reserve currency, where everyone will use it as money.
It’s just the best form of money we’ve ever seen.”
Charlie Lee (Litecoin, Creator and Managing Director)
