LitePay was supposed to bring new light to Litecoin (available on Coinbase) (LTC). LitePay was not only going to offer a new crypto wallet specific for LTC, but also the LitePay debit card, which users could have used to convert Litecoin (available on Coinbase) into U.S. fiat currency. Instead, ineffectual business handling and less-than-communicative responses have led LitePay to lose its support from the Litecoin (available on Coinbase) Foundation and for the whole operation to be shut down.

The Litecoin (available on Coinbase) Foundation released a post on Monday stating that the Foundation “was contacted by KennETH Asare, CEO of LitePay, informing us that he has ceased all operations and is preparing to sell the company.”

So, LitePay is no more.

The Foundation claims that it contacted Asare previously to express concerns about the company and try and get more information about its business:

“It was at this time that KennETH asked the foundation for more funds to continue operations. The foundation refused any further funding as he was unable to provide a satisfactory picture of where the money had been spent and refused to go into exact details about the company and show objective evidence to back up his statements.”