Litecoin Foundation Moves To BitGo Multi-Sig Wallet

According to the latest announcement, the Litecoin Foundation moves to the BitGo multi-sig wallet from the previous Electrum multi-sig wallet, in order to simplify the fund management. In today’s Litecoin news, we read more about the BitGo wallet and the Foundation’s decision.

BitGo’s multi-sig wallet provides more convenience into managing the foundation funds and more security as well. The Litecoin Foundation moves to the BitGo wallet in order to improve and simplify the fund management. On the Twitter account, Litecoin announced the migration from Electrum’s multi-sig wallet and according to them, the BitGo wallet provides greater convenience.

The wallet also offers manageability and an improved level of security. The Litecoin Foundation warned the users to be vigilant when they make donations as they recommended to stop using the previous addresses of the foundation:

‘’To avoid any potential donation misplacements, we request all donors to stop using our old Litecoin addresses. Instead, please use the information on our Support page to continue supporting us.’’

The foundation also informed the users that the old addresses will be kept for a month on the official site. This will allow the users to track their funds and monitor every step of the foundation. The addresses will however eventually be deleted to prevent them from being misused and to also protect the users from scams and other malicious activities. The Litecoin Foundation requested:

‘’Donations for the Litecoin Confidential Transactions project should directly go to the project’s escrow account shown on litecointalk.io. We have also moved all funds raised on behalf of the project to the project’s escrow account.’’

As part of our efforts to simplify the management of the foundation’s funds, we are migrating from the multi-sig Electrum-LTC wallet to BitGo’s multi-sig wallet, which provides much greater convenience and nearly the same level of security.https://t.co/7xvoJLhhDp pic.twitter.com/tYZVrB2vc2

— Litecoin Foundation (@LTCFoundation) May 9, 2020

The foundation is expected to publish new addresses of the BitGo wallet in the upcoming days and the funds will be maintained for the same purpose which is to finance the further development of Litecoin:

‘’As a non-profit that relies in large part on the support of our community to fund many areas of our work, we have decided to establish an LTC Wallet that will be used exclusively to fund technical developments.’’

At the end of January this year, Litecoin and Bitcoin Cash made a controversial decision about their donations. The idea was to take part in the mining rewards sector to finance the development of the projects. Charlie Lee said that the proposal was aimed to receive up to 1% of the LTC mining rewards. The LTC price is now at $47 with a 1.60% gain over the past day.