The company behind one of the biggest crypto assets, the Litecoin Foundation, announced that it is collaborating with BitGo. This service management company was founded in 2013 with its headquarters in California, the United States. Even though using the services of a company such as BitGo is not required for either the Litecoin Foundation or any users of the Litecoin crypto asset, this makes using the crypto coin a more secure experience. The Litecoin Foundation revealed this news on their Tweeter on January 3.

BitGo and the Litecoin Foundation still have not discussed the details of their new partnership. However, a news outlet, U.today, raised suspicions that the Litecoin Foundation will add a custodial crypto wallet for their users. A different news outlet stated that the firm will store its own capital with BitGo, which seems more realistic considering that the custodial provider company already supports the crypto coin.

In their Tweeter announcement, the Litecoin Foundation pointed out that they will use multisig addresses. This is an element that enables different users to come to a consensus about a transaction before it takes place. The feature is mostly used for the creation of joint accounts, however, it can be utilized to battle data loss. In October 2019, BigGo also added support for SegWit by Litecoin in order to have lower fees for transactions to frequent users. Yet, it has not been clear whether this feature will be used by them or not.

The Litecoin Foundation has already collaborated with a similar company named Celsius Network in order to store their funds in September 2019. Hence, this will not be the first time that the Litecoin Foundation invests in such a venture. The company also has a stake in a German bank, WEG.

 

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