Litecoin Foundation to collaborate with BitGo
- Litecoin Foundation is utilizing BitGo’s multi-signature wallet for its cryptocurrency custodial needs.
- The multi-signature feature uses multiple signature encryptions to validate a transaction.
The Litecoin Foundation has entered a new partnership with BitGo to provide the firm with custody solutions and digital asset storage. As per the official announcement, the foundation is taking advantage of BitGo’s multi-signature wallet for its crypto custodial needs.
Having founded in 2013 as a Bitcoin wallet provider, BitGo is one of the longest-running crypto firms. The firm expanded its service to a multi-signature wallet, which now supports over 200 crypto-assets. The multi-signature design allows private keys to be spread to more than one user, enhancing overall security.
Ben Chan, chief technology officer of BitGo, stated:
BitGo is the first multi-signature wallet platform that provides support for such a wide offering of highly traded digital currencies. Institutional investors and exchanges appreciate the scalability and security that our single, unified API provides.
Following this news, LTC/USD jumped from $43.25 to $45.80 this Monday. Currently, it is priced around $45.35.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
