Litecoin Foundation and BitGo Partnership for Custody Solutions

The Litecoin Foundation, a non-profit foundation supporting LTC, has announced a new partnership with BitGo to provide the organization with digital asset storage and custody solutions.

According to the official update made Jan. 3, the Litecoin Foundation is utilizing BitGo multi-signature wallet for its cryptocurrency custodial needs. While neither company has yet to supply details on the partnership, the Litecoin Foundation published to Twitter a post announcing the venture.

BitGo is one of the longest-running cryptocurrency companies, first founded in 2013 as a bitcoin wallet provider. In 2018 the company expanded its service to a multi-signature wallet which now supports over 200 crypto-assets.

The multi-signature feature uses multiple signature encryptions to validate a transaction, which enables private keys to be spread to more than one individual.

Ben Chan, chief technology officer of BitGo, told Finance Magnates,

BitGo is the first multi-signature wallet platform that provides support for such a wide offering of highly traded digital currencies.

He continued,

Institutional investors and exchanges appreciate the scalability and security that our single, unified API provides.

Who is Litecoin Foundation?

Litecoin Foundation is a non-profit organization registered in Singapore (Litecoin Foundation Ltd. UEN: 201709179W) with members around the globe who share the mission of advancing Litecoin for the good of society by developing and promoting state-of-the-art blockchain technologies. More information can be found here.