By Solomon Odunayo
Litecoin Foundation has recently announced its migration from a multi-sig Electrum-LTC wallet to BitGo’s multi-sig wallet, which is part of its efforts to simplify the management of the foundation’s funds.
Litecoin Foundation passed this new development across to the community via its official website and Twitter handle some hours ago.
According to the report, BitGo’s multi-sig wallet is expected to provide much greater convenience, with relatively the same level of security.
Litecoin Foundation shared this, “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.”
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
In order to avoid any potential misplacement of donations, Litecoin Foundation stated that “we request all donors to stop using our old Litecoin addresses. Instead, please use the information on our Support page to continue supporting us.”
The foundation furthered that the old addresses will be kept on the Finance page for 1 month, to give the public the room to track the funds. The foundation, however, stated that the old addresses will be removed afterward, to avoid misusage.
As for the donations for the Litecoin Confidential Transactions project, the foundation said it should be sent directly to the project’s escrow account shown on litecointalk.io.
Furthermore, the foundation said it has transferred all the funds raised on behalf of the project to the project’s escrow account.
Conclusively, Litecoin Foundation stated that the addresses of the new wallets of BitGo will be made public on its Finance page.