Litecoin Foundation Partners with Greywick Digital for Institutional-Grade Token

The Litecoin Foundation has taken a significant step towards making its coin more accessible to institutional investors by partnering with Greywick Digital. The two entities have signed a memorandum of understanding (MOU) to develop cLTC, a tokenized version of LTC that will live on the Canton Network.

cLTC is designed to make Litecoin easier to trade in institutional circles. It will be created through a process where real LTC gets locked up in reserve, and a token representing it circulates on Canton, where institutions already operate.

Greywick Digital brings the issuance side of this arrangement, handling the creation of the token and having a third party verify that the backing exists. The reserves behind cLTC are designed to be disclosed publicly.

The token will use CIP-56, a token standard on Canton, and has been endorsed by the Litecoin Foundation as the official version of Litecoin for institutional applications.