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’s 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.
Pleased to announce that we have chosen @BitGo multi-signature wallets for our #custody solution. #security #cryptocurrencies #payments #litecoin #LTC $ltc
— Litecoin Foundation (@LTCFoundation) January 3, 2020
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.
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