The Best Multisig Crypto Wallets of 2024
When it comes to securing your cryptocurrency assets, multisig wallets offer an extra layer of protection by requiring multiple private keys to authorize transactions. This added security feature makes them a popular choice for big investors, company decision-makers, and DeFi enthusiasts. In this guide, we’ll explore the best crypto multisig wallets available in 2024, highlighting their key features and benefits.
Electrum
Electrum is a well-established Bitcoin wallet that has been around for over a decade. It supports multisig wallets with configurations such as 2-of-3, 3-of-5, and up to 15 cosigners. Additionally, Electrum is compatible with hardware wallets like Ledger, Trezor, and COLDCARD, allowing you to keep your private keys offline for maximum security.
While Electrum is known for its strong security features, setting up a multisig wallet on the platform can be a bit technical. Furthermore, Electrum is primarily a desktop wallet with limited support for mobile devices, only available on Android.
Sparrow Wallet
Sparrow Wallet is a highly regarded, open-source Bitcoin wallet designed for desktop users. It offers full support for both single-sig and multisig wallets, as well as compatibility with a wide range of hardware wallets in USB and air-gapped modes. Sparrow Wallet provides advanced tools for transaction management, fee control, and coin selection, giving users greater control over their Bitcoin assets.
One standout feature of Sparrow Wallet is its built-in transaction editor, which functions as a blockchain explorer, allowing users to review and modify transaction details before sending them. Sparrow Wallet is compatible with popular hardware wallets like Ledger and ColdCard.
Safe Wallet
Safe Wallet, formerly known as Gnosis Safe, is a popular multi-signature smart contract wallet that enables users to co-manage crypto assets with multiple private keys. It supports various Ethereum-compatible wallets, such as Metamask, and hardware wallets like Ledger and Trezor, to act as signers. Safe Wallet is widely used in the DeFi space and is trusted by prominent figures like Vitalik Buterin, managing over $100 billion in assets.
One of the key features of Safe Wallet is its immutable smart contract, ensuring that funds remain secure even if the wallet or front-end interface goes down. Additionally, Safe Wallet is a self-custodial wallet, meaning users retain ownership of their crypto assets at all times. The platform’s transparent code has undergone extensive security audits for added peace of mind.
Blue Wallet
Blue Wallet is a popular Bitcoin wallet that offers a multisig “Vault” feature for enhanced security. With Blue Wallet, users can set up 2-of-3 or 3-of-5 multisig wallets, requiring multiple private keys to authorize transactions. The platform also supports hardware wallets like Ledger and Trezor for added security.
It’s worth noting that Blue Wallet generates keys for the multisig wallet internally, so users must trust the entropy provided by the platform. To enhance security, users can store additional keys in different locations to reduce single points of failure. Blue Wallet’s user-friendly interface and open-source nature make it a solid choice for users seeking a balance between security and ease of use.
Specter Solutions
Specter Solutions offers an open-source, secure Bitcoin self-custody solution that includes a desktop wallet and a DIY hardware wallet known as the Specter Shield. Assembling the Specter Shield requires some technical skills but provides an additional layer of security and customization. The platform’s firmware, hardware, and software are all open-source, and users are not required to provide personal information (KYC) to use the service.
Specter supports 2-of-3 or 3-of-5 multisig wallets, meaning multiple hardware wallets are needed to authorize Bitcoin transactions. The Specter Desktop wallet is compatible with major hardware wallets such as Ledger, Trezor, ColdCard, Bitbox02, and Jade. Overall, Specter Solutions is an ideal choice for users who value open-source options and prioritize security, privacy, and flexibility in their Bitcoin transactions.
TotalSig
TotalSig is a non-custodial multisig Web3 wallet that supports multiple blockchain networks, including Bitcoin, Ethereum, Tron, Binance Smart Chain, and Dogecoin. The platform handles various tokens such as ERC20, BEP20, TRC20, TRC10, and ERC721 NFTs, allowing users to create multiple wallets within the same account for better organization.
TotalSig offers two main types of multisig configurations: P2SH (Pay-to-Script-Hash) and MPC (Multi-Party Computation). P2SH multisigs are based on the Bitcoin protocol and support various setup combinations, while MPC multisigs use cryptographic algorithms to split the private key among parties, providing enhanced privacy and security.
While TotalSig is a relatively new player in the retail user space, it remains a strong contender among the best crypto multisig wallets, especially for users managing assets across multiple blockchains.
FAQ
Can Multisig wallets be hacked?
While multisig wallets offer enhanced security by requiring multiple keys to authorize transactions, no system is completely immune to hacking. To mitigate the risk of a breach, it’s essential to keep each key secure and stored in different locations. Following best security practices, such as using hardware wallets and keeping software up to date, can also help enhance protection.
Is MetaMask a Multisig wallet?
No, MetaMask is not a multisig wallet. MetaMask is a popular Ethereum wallet used for managing cryptocurrencies and interacting with decentralized applications (dApps). While MetaMask is suitable for single-signature transactions, it does not support multisig functionality.
What is the maximum Multisig?
Most multisig wallets support up to five signatures, but the exact number can vary depending on the wallet and blockchain. For example, Bitcoin’s standard multisig setup allows up to 15 keys, while Ethereum-based wallets may have different limits. It’s essential to check the specific capabilities of each wallet when setting up multisig configurations.