The Litecoin Foundation, a non-profit organization led by Litecoin creator Charlie Lee, has officially turned into a public company limited by guarantee by the Accounting and Corporate Regulatory Authority (ACRA) of Singapore.
“After two months of work with our lawyer, the Litecoin Foundation non-profit organisation is finally incorporated as a public company limited by guarantee in Singapore.”, announced the Litecoin Foundation on their official website litecoin-foundation.org.
The Singaporean law states that 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.
“While the Core ream is different from the Litecoin Foundation, the Litecoin Foundation closely works together with the Core team and support them financially.”, explained the foundaition in under their tasks` section.
Separately, the Litecoin Association, which supports Litecoin, the third largest cryptocurrency in market capitalization, has collaborated with Litecoin Core development team on a Road Map 2016.
The roadmap lists organizational changes and several development enhancements to the cryptocurrency and its website.
Created by Charlie Lee, Litecoin has made gains recently. In the end of March, 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, according to a publication by cryptocoinnews.com.
As of 7 April 2017, Litecoin has a market cap of $519,999,675 and a 24-hour volume of $151,942,000.