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Litecoin Partners With BitGo for Custody Solution

Litecoin

The Litecoin Foundation, the group behind a fork of Bitcoin and the current sixth place holder in terms of market cap, Litecoin, is partnering with BitGo, a company that builds multi-signature cryptocurrency wallet services, as a custody solution.

This partnership was announced on Twitter via the Litecoin Foundation official account. However, there isn’t much more information available than this.

As you may know, Litecoin was designed to solve many of the problems that users had with Bitcoin, such as scalability. The project’s website reads:

“Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.”

Since Litecoin’s implementation, however, Bitcoin has introduced a few different upgrades that allow it to compete with the faster technology, such as the Lightning Network, for example. That and the project will be halving later this year, which could have a variety of consequences for its price. In Litecoin’s case, however, we’ll have to see if the project’s partnership with BitGo brings it some more relevancy.

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Max Moeller

Cryptocurrency and games writer. Looking to the future by studying how these two industries can blend. LinkedIn: https://www.linkedin.com/in/maxwell-moeller-912044b4/

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