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.
According to the Foundation’s website, Litecoin’s move to BitGo’s wallet is to provide users with greater convenience and security https://t.co/QBUaduH0Li — Cointelegraph (@Cointelegraph) May 11, 2020
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.