- Litecoin Foundation announced that it will migrate from Electrum’s multi-sig wallet to BitGo’s multi-sig wallet to simplify its funds management.
- BitGo’s multi-sig wallet provides greater convenience in managing foundation funds and equal security.
Through its Twitter account, the Litecoin Foundation announced that it will migrate from Electrum’s multi-sig wallet to BitGo’s multi-sig wallet. According to the Litecoin Foundation, the migration is due to a need for improving and simplifying its fund management.
Litecoin migrates its wallet to improve fund management
According to the Litecoin Foundation, BitGo’s multi-sig wallet provides greater convenience, manageability and almost the same level of security as the Electrum wallet. At the same time, the Litecoin Foundation warns its users to be vigilant when making donations. They recommend to stop using the previous address of the Litecoin Foundation:
To avoid any potential donation misplacements, we request all donors to stop using our old Litecoin addresses. Instead, please use the information on our Support page to continue supporting us.
Litecoin Foundation also informed its users that their old addresses will be kept for one month only, in the finance section of the official site. This will allow users to track and monitor funds made to the Foundation. However, the addresses will be deleted to prevent them from being misused and to avoid scams or other activity that puts Litecoin users or potential investors at risk. In addition, the Litecoin Foundation requests the following:
Donations for the Litecoin Confidential Transactions project should directly go to the project’s escrow account shown on litecointalk.io. We have also moved all funds raised on behalf of the project to the project’s escrow account.
The Litecoin Foundation is expected to publish the new addresses of its BitGo wallet in the coming days. In addition, the wallet funds are expected to be maintained for the same purpose: to finance the development of Litecoin. When this new address was established, the Litecoin Foundation published the following:
As a non-profit that relies in large part on the support of our community to fund many areas of our work, we have decided to establish an LTC Wallet that will be used exclusively to fund technical developments.
As reported by CNF, at the end of January this year Litecoin and Bitcoin Cash made a controversial proposal regarding their donations. The proposals were aimed at taking part in the mining rewards to finance the development of the projects. Made by Litecoin’s creator, Charlie Lee, the proposal aimed at voluntarily receiving up to 1% of Litecoin’s mining rewards.
At the time of publication, Litecoin’s price follows general market sentiment and stands at $47.78 with a 1.60% gain in the last 24 hours.
As part of our efforts to simplify the management of the foundation’s funds, we are migrating from the multi-sig Electrum-LTC wallet to BitGo’s multi-sig wallet, which provides much greater convenience and nearly the same level of security.https://t.co/7xvoJLhhDp pic.twitter.com/tYZVrB2vc2
— Litecoin Foundation (@LTCFoundation) May 9, 2020