The Litecoin Foundation, a non-profit organization providing blockchain solutions, has unveiled its collaboration with BitGo – one of the largest crypto custody providers.
Under the partnership agreement, BitGo will provide Litecoin that is registered in Singapore with custody solutions and digital asset storage.
The foundation will keep its holdings in BitGo multi-signature wallets and will use them to fulfill its cryptocurrency custodial needs.
Ben Chan, chief technology officer of BitGo, said, “BitGo is the first multi-signature wallet platform that provides support for such a wide offering of highly traded digital currencies.
“Institutional investors and exchanges appreciate the scalability and security that our single, unified API provides,” Chan added.
In 2019, BitGo has offered insurance coverage at a total cost of $100 million against theft or loss of cryptographic keys through Lloyd’s of London.
Founded in 2013, BitGo became the premier bitcoin wallet provider. It expanded its business in 2018 to a multi-signature wallet which supports more than 200 crypto-assets.
Litecoin Foundation has members around the globe and is aimed at developing state-of-the-art blockchain technologies.