Multisig wallets are the ultimate level of security for your crypto assets. What are they? Multisig wallets allow you to define multiple addresses with different private keys to validate transactions. It is useful in two different cases. You can use it to share funds with multiple people who can cooperatively control the activity of the wallet. Alternatively, the wallet can require approval from multiple devices owned by the same person with the goal of increasing the level of security.
The individuals or devices using the mulstisig wallet are “co-signers”. A good multisig wallet also allows you to define subsets of co-signers to sign some transactions. In other terms, you can define 2 roles: the owners of the wallet and the validators who validate the transactions. In fact, this leads to a better level of security than regular cold storage wallets. What are the best multisig wallets on the market?
Electrum is one of the most famous multisig wallet. The priorities of Electrum are speed and security. Startup times are fast with high performance servers. The private keys are encrypted, there is no lock-in and various add-ons.
Armory is probably the most famous open-source wallet offering multisig capabilities. If you’re curious about how the rockstar of multisig wallets works, you can read the documentation about their Glacier Protocol.
Casa Keymaster is a nice looking keys manager. It’s the multisig application with the best support and UI. They have different plans from free to “diamond” with different levels of security, devices and support. They provide the hardware, the app and can help you to setup your multisig wallet.
Bitgo is more of an institutional solution for very big wallets or companies. No matter what exchanges, OTC desks, or brokers you use for trade or what custodial services or wallets you use for custody, BitGo ingests and resolves your present and historical transactions automatically to unlock holistic views across performance, positions, and tax.
Bitpay is one of the most secure multi-sig wallets available today. It’s an open-source project which is one of the reasons why it’s so robust. It allows to deal with up to 12 devices or trusted copayers.
Coinb.in is an open-source wallet with multisig capabilities for Bitcoin. It has a great community of developers and handle raw transactions: creation, verification, signing and broadcasting.
Block.io is a minimal but very robust multisig wallet for Bitcoin. The website is simple but has everything you need. Block.io uses a Distributed Trust (dTrust) framework that helps you establish custom signature configurations for your addresses.
WH Cypher is a beta web wallet with multisig capabilities. 10000+ tokens supported on 8 blockchains. It’s a small project that I wouldn’t pick as first choice but with potential.
Carbon Wallet is a phone-based wallet that uses 2 private keys to validate your transaction. Splitting the keys ensures a good level of security without having to manage too many of them. It’s a good trade-off for average crypto investors.
Blockstream Green is a very popular Bitcoin wallet offering strong security while being very simple in the same time. It comes with plenty of languages and an API for developers to integrate the wallet into applications.
Thanks for reading.
n.b: this is not financial advice