Starting in January 2020, BitGo, a provider of digital asset security and storage solutions, will maintain the reserve reserves of the LTC Fund and be used to protect users of the system. This was announced by the Litecoin Foundation on January 3; special attention was paid to access to multi-signatures. This technology is used to distribute private keys, share account management, or place funds. Multi-signature provides an opportunity to better protect your account, assets and personal information, and therefore is widely used by cryptocurrency exchanges and trading platforms.
One of the advantages of such a collaboration is the voluntary transfer of funds to the BitGo platform. Members of the Litecoin network are not required to make the BitGo Wallet their primary LTC storage and can continue to use official applications for the content of this coin. Regardless of the wallet, conducting cryptocurrency exchange operations online within the system will remain a safe and secure process. In addition to an additional level of protection and the introduction of multi-signatures, BitGo is ready to provide support for Litecoin SegWit functions, which became known in October. This technology is aimed at reducing fees for intra-system transactions and is mainly concerned with frequent transfers of small amounts. However, nothing is known about the use of SegWit in the near future.
In the history of the Litecoin Foundation, this is not an isolated case when the company entrusted cryptocurrency exchange platforms with the content of LTC. One of these platforms is the Celsius Network, known for its services not only in the currency spectrum, but also in banking, including the processing of loans. In addition, Litecoin tokens are held by the German Bank WEG, which belongs to the official partner-the TokenPay platform.