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  • 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.