Litecoin Creator Charlie Lee Denies Partnership With Amazon or Facebook

Litecoin creator Charlie Lee has denied the rumors about impending partnership of Litecoin with online retailer Amazon and social media site Facebook.

In his Twitter post on December 24, 2017, Lee revealed that he is not aware of the possible acceptance by Amazon and Facebook of Litecoin as a form of payment.

He added that it’s up to the respective companies to announce their support to the cryptocurrency.

Litecoin was created by Lee in 2011 to serve as a faster and cheaper alternative to Bitcoin. In mid-2017, he quit his post at the cryptocurrency exchange Coinbase to focus on the development of Litecoin.

His decision helped drive the upward trajectory of the digital currency, which has become the fifth biggest virtual currency with a market capitalization of more than $17 billion as of December 27, 2017, based on data from CoinMarketCap.com

Lee’s announcement on Reddit that he already sold all his Litecoin holdings may have adversely affected the virtual currency’s performance as its price continues to slide. Lee cited conflict of interest as the reason behind his move to divest from Litecoin.

Lee, however, added that he will continue working on Litecoin and will be rewarded in various ways if the digital currency advances further.

As of early trading session on December 28, Litecoin seems to be regaining momentum from temporary slump and trading at a price of $272.17.