Litecoin Foundation Moving Towards BitGo’s Multi-Signature Wallet

Litecoin Foundation given the reason for migration

As the company has announced its migration to BitGo’s multi-signature wallet, it has also explained the reason behind this move. According to the foundation, they are moving their wallets to ‘BitGo’s multi-signature wallet’ because it is highly convenient with proper security. However Litecoin Foundation have also made it clear that the wallets which are with Ethereum-LTC address will be available online for around a month. Along with this, it has also said that the new BitGo’s multi-signature wallets will be published soon and then they will be available online on the company’s finance page.

The firm has also suggested the donors of the company to not use the older Litecoin addresses. It has been said in order to avoid the risk of misplacement of the donation. All the donations which are related to the Litecoin Confidential Transactions project will be received in the escrow account of the project. The foundation has also mentioned that all the funds which have been raised for this project are moved to this escrow account of the project. All the information regarding this have been posted on the support page of the firm and advised the donors to visit that page.

LTC price rose by 5%

As soon as the Litecoin Foundation announced this migration of wallets, it has been noticed that the price of LTC grew by 5%. However, it was not for very long as it fell down soon in contrast with the downfall in the price of Bitcoin. Recently Litecoin has also claimed that the codebase integration has started as the testing framework is completely ready.