As storing digital assets securely has become very crucial, Litecoin Foundation on Friday announced its partnership with BitGo.
With this, the foundation will utilize BitGo’s multi-signature wallet for its crypto custodial needs. Announced on Twitter, neither the companies, however, furnished the details of the partnership.
Pleased to announce that we have chosen @BitGo multi-signature wallets for our #custody solution. #security #cryptocurrencies #payments #litecoin #LTC $ltc
— Litecoin Foundation (@LTCFoundation) January 3, 2020
A versatile platform for storing crypto
Founded in 2013, BitGo operated originally as a bitcoin wallet provider but then branched out into other cryptocurrencies and now supports multiple altcoins.
BitGo introduced multi-signature wallets in 2018 with support of mere seven coins and now added support to over 200 digital currencies.
As explained by BitGo, multi-signature security architecture uses multiple cryptographic signatures to enact a transaction, thereby eliminating the single point of failure with traditional wallets. Keys can be distributed across independent individuals, geographies, and storage techniques, ramping up the security against any threats.
“BitGo is the first multi-signature wallet platform that provides support for such a wide offering of highly traded digital currencies,” Ben Chan, chief technology officer (CTO) of the company, said earlier.
“Institutional investors and exchanges appreciate the scalability and security that our single, unified API provides.”
To further secure its clients’ holdings, the firm obtained insurance coverage from the prestigious Lloyd’s of London. In case of any mishap, BitGo users fund will be covered up to $100 million in losses.
Moreover, to ensure the security of its platform, BitGo obtained a service organization control (SOC) 2 Type 2 certification from an external audit firm.
Most recently, the firm extended its multi-sig support to add Tron to its ecosystem.
BitGo now supports TRON's TRX token! This is the first institutional-grade wallet and #custody solution for TRX.#digitalassets @justinsuntron @Tronfoundation pic.twitter.com/ZLuhesWMmW
— BitGo (@BitGo) November 8, 2019