Litecoin News Today – Litecoin Foundation Moves to BitGo’s Multi-sig Wallet – May 10th, 2020

  • The Litecoin Foundation has migrated to BitGo’s multi-sig wallet
  • BitGo’s multi-sig wallet offers more convenience and equal security
  • Litecoin Foundation hopes to simplify it’s fund management with this migration

Litecoin news today – According to the latest Litecoin news, the Litecoin Foundation has announced that it will move on from Electrum’s multi-sig wallet. The network will now migrate to BitGo’s multi-sig wallet. The goal is to simplify is its funds management. The BitGo multi-sig wallet offers greater convenience when it comes to managing foundation funds. Via its Twitter handle, the Litecoin Foundation announced that it will move from Electrum’s offering to BitGo’s multi-sig wallet. The foundation also gave additional details of the new arrangement.

Litecoin News Today – Migration to BitGo’s Wallet Will Improve Litecoin’s Fund Management

The Litecoin Foundation claims that BitGo’s multi-sig wallet offers greater convenience, and manageability. The foundation has warned its users to remain vigilant when making their donations. Users are asked to stop using the LF’s previous addresses. Here how the Litecoin Foundation puts it:

“To avoid potential donation misplacement’s, all donors should stop using the old Litecoin addresses. Please use the data on our Support page to keep supporting us.”

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$44.74

The Litecoin Foundation also requested that its users utilize their old addresses for one month only. This information is seen in the finance section of the foundation’s official website. The move will allow digital currency users track and monitor all funds that were made to the Litecoin Foundation. However, all addresses will be deleted. The reason for this is to prevent the addresses from being misused. This is also done to avoid scams or any activity that puts users or investors at risk.

LTC news today – The Litecoin Foundation will Publish New Addresses of its BitGo

The Litecoin Foundation will reportedly publish new addresses for its BitGo wallet in the next few days. Additionally, the wallet funds will be maintained for a similar purpose which is to finance the development of the Litecoin network. When the new address was established, the Foundation published the below:

“As a non-profit organization that depends largely on the support of its community to fund its work, we want to establish an LTC Wallet exclusively for funding technical developments.”

According to CNF, as of January end this year both Litecoin (LTC) and Bitcoin Cash (BCH) made a controversial proposal on their donations. Both proposals were targeted at taking a part of miner rewards to finance the network’s development. Litecoin’s creator, Charlie Lee, was behind the proposal at the time. Lee proposed that miners voluntarily give up 1% of their mining rewards for the development of the network. As of when this content was written, Litecoin’s price was following the general market sentiment. It is now trading at $47.78.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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