Charlie Lee will join the company's board.
Biotech company MEI Pharma is establishing a $100 million Litecoin treasury initiative backed by Titan Partners Group and crypto investment firm GSR, according to a Friday announcement from the Litecoin Foundation.
Charlie Lee, Litecoin’s creator, will join MEI Pharma’s Board of Directors as part of the transformation. The Litecoin Foundation has also made an investment in the company, as the company ramps up its efforts to expand global Litecoin adoption.
“For 14 years, Litecoin has consistently delivered a stable, low-cost, and accessible network for millions and over a decade,” said Lee in a statement. “Already leading global transaction volume on platforms like BitPay, Litecoin is trusted as a legitimate payments alternative for remittance, cross-border, and retail by users and is integrated across retail and payments. This partnership with GSR and MEI Pharma brings that utility and mission into an institutional setting for the first time.”
Lee, who launched Litecoin in 2011, has been a key figure in developing the crypto ecosystem, contributing to innovations including Litecoin’s opt-in privacy feature and the activation of SegWit. He has supported various developments in the Litecoin and Bitcoin ecosystems, including the Lightning Network, research and development labs, and mining pools.
MEI Pharma is not the first company to adopt Litecoin as a corporate asset. Thumzup Media, backed by Donald Trump Jr., said Thursday the company was authorized to hold up to $250 million in seven crypto assets, including Bitcoin, Ethereum, Solana, XRP, Dogecoin, Litecoin, and USDC.
MEI Pharma saw its shares soar over 50% at market opening Friday, according to Yahoo Finance data.
