It has been reported that according to a May 7 post on the company’s website, the move is due to BitGo’s wallet providing “greater convenience and nearly the same level of security.”
However, the old Electrum-LTC addresses will be available online for one month, with the new BitGo wallets addressed to be published soon.
It has been analyzed that the price of Litecoin (LTC) rose 5% after the announcement, but experienced a similar downturn as Bitcoin (BTC) during the halving dump on May 9.
As per the report, recently, Litecoin posted a progress update on the cryptocurrency codebase’s Mimblewimble integration by stating that a testing framework had been built and codebase integration had started.
Thus, according to developers, Mimblewimble should be running on the Litecoin testnet by the end of the summer.