The Litecoin Foundation has announced a new partnership with BitGo to meet the ever-growing custody needs of customers, as the secure storage of digital assets has become even more important in recent months.
In this partnership BitGo is providing its multi-signature wallet for cryptocurrency custody services, a wallet that will be utilized by the Foundation. The partnership was announced on Twitter, though neither party elaborated on the details of the project.
The story of BitGo is a story of evolution in the crypto space, as the company was first a Bitcoin wallet provider back in 2013, but then it went into supporting many altcoins. In 2018, BitGo introduced the multi-signature crypto wallets, a portfolio that now support more than 200 coins.
The multi-signature technology allows multiple crypto signatures to create a transaction, a feature that basically eliminates the single point of failure that is common for traditional wallets. Security is enhanced and distributed among different geographies, customers and storage techniques.
The CTO of BitGo commented that the company is the first multi-signature wallet provider that offers support for such a broad range of digital coins. In addition, what institutional investors and exchanges particularly value are the security and scalability features of the unified API that BitGo provides.
According to press, BitGo has now secured an insurance coverage for its clients from Lloyds, a coverage that will cover users’ funds with up to $100 million in incurred losses.