Litecoin Foundation employees have proposed reducing their salaries to help the organization withstand a period of lower donations in the first quarter of this year.
Litecoin Foundation Board Member Xinxi Wang said in an interview this week that fund employees have voluntarily lowered their salaries, and this has helped the fund survive hard times. Wang said the decline in donations in the first quarter due to “market stagnation” affected the organization’s day-to-day operations, but the second quarter was “much better.”
Last week, The Block researcher Matthew Yamamoto reported that the Litecoin Foundation has exhausted 75% of its cryptocurrency reserves since Q2 2018. As of the first quarter of this year, the volume of reserves was at $ 96,400. The total amount of fund donations in 2019 also mainly amounted to less than $ 1,000 per month.
In an interview, Wang said the fund “received almost no community donation in the first quarter of this year.” In addition, since the price of LTC was low, the same amount of donations in cryptocurrency cost less than before.
“In the second quarter, we received donations worth hundreds of thousands of dollars … and we constantly entered into new partnerships in 2019,” Wang added. “The foundation is still young, and we are actively working on creating new strategic plans for long-term success.”