Best Multisig Wallets to Protect Your Crypto

Cybercrimes have been on the rise over the past two years, and the bulk of their attacks are targeted at crypto investors. So, one of the best ways to secure your assets is to use a multi-signature (multi-sig) wallet.

In this article, you will discover what are the best multisig wallets. Let’s take a look.

What is a Multisig Wallet?

Most investors are already turning to multisig wallets, as they provide an extra layer of security. So, even if your private key gets compromised, an attacker can’t access your funds because the wallet requires you to sign in for every transaction. 

Depending on how the wallet is set up, a transaction may require a different number of signatures to be approved. Multisig wallets typically need two to three signatures, though the user may choose to have more.

Fortunately, there are different types of multisig wallets available on the market. Each has its own unique features, benefits, etc. However, we recommend that you select a wallet that is easy to use, secure, and compatible with your favorite cryptocurrencies.

Multisig vs. Single-Signature Wallets

The table below compares Multisig wallets with single-signature wallets across different areas.

Now let’s show you some multisig wallets for Bitcoin and Ethereum tokens.

Best Multisig Wallets for Bitcoin

1) Blue Wallet

Blue Wallet is a multisig Vault where you can store your Bitcoin. It is also secure and user-friendly. Multisig vaults usually need multiple signatures before executing a transaction. This provides an extra layer of security and protects you from unauthorized access.

Interestingly, Blue Wallet Multisig Vault generates up to three private keys but only uses two of them to sign transactions. This adds an extra layer of protection since even if one key is lost, the money in the wallet is still secure.

How to add a passphrase to your wallet.

1. Activate advanced mode
2. Go to add wallet > import
3. Turn passphrase option on
4. Insert your seed
5. Insert the passphrase

(The passphrase should be strong) pic.twitter.com/A79KJTEKks

— BlueWallet (@bluewalletio) January 5, 2022

Blue Wallet Multisig Vault makes it simple to create new multisig wallets that can be accessed from any device. Aside from its security features, Blue Wallet prioritizes privacy. 

Features

• Provides flexibility and customizes the number of keys and address types.
• Allows you to back up signing keys safely.
• Available for Android and iOS mobile devices.
• It is open-source.
• compatible with hardware wallets.
• Allows up to 5 cosigners.

2) Electrum

Electrum is our second pick. Here are some features:

Electrum is an open-source Bitcoin wallet that has been around for more than a decade. It prioritizes both privacy and security. For example, it uses a hierarchical deterministic (HD) wallet structure. So, each transaction generates a new address. This way, people can hardly track your Bitcoin holdings.

It is not “either hardware wallet or multisig”. You can perfectly combine several hardware wallets in a multisig setup. If you do not want to trust a single hardware wallet manufacturer, you can combine devices from different manufacturers.

— Electrum (@ElectrumWallet) June 15, 2023

It is also compatible with hardware wallets like Ledger and Trezor. Here are other features:

• It leverages the servers that index the Bitcoin blockchain to provide fast transactions.
• Electrum uses SPV to verify all transactions in your history.
• It stores encrypted private keys on your computer.
• You can use a secret phrase to recover your funds.
• Compatible with hardware wallets.
• It allows up to 15 cosigners.

3) Sparrow Wallet

Sparrow Wallet is an open-source, easy-to-use, free, security-focused privacy wallet. Interestingly, the Sparrow wallet is a good replacement for Electrum wallets. Sparrow is designed to be used with your own Bitcoin full node for more protection and privacy.

Sparrow has all the functionality one would expect from a cutting-edge Bitcoin wallet. It gives users complete control over the wallet modification process. Here are some features:

1. It is open-source.

2. It is compatible with hardware wallets.

3. Sparrow allows up to 9 cosigners.

Sparrow v1.7.7 released with:

Improved mempool fee rates chart
Multiple improvements for a high fee environment
Performance optimizations for large wallets
Better usability on @BorderWallets grids

More: https://t.co/FQ4v1QGW7A

— Sparrow Wallet 🐦 (@SparrowWallet) June 22, 2023

Best Multisigs Ethereum Wallets 

Here are some of the best multisig wallets for ERC-20 tokens.

1) Safe Wallet

Safe Wallet provides a multisig wallet service that allows you to store your ERC-20 tokens. It is an upgrade from the Gnosis Mutisig wallet. Safe is a smart contract running on blockchains like Ethereum, Arbitrum, Polygon, and Avalanche.

Source: Safe Wallet

Here are some of its features:

1. It focuses on privacy.
2. It is open source.
3. Safe is formally verified.
4. It supports DeFI integrations.
5. It supports gasless signatures.
6. Safe Wallet supports ETH and ERC20 tokens and ERC721-based NFTs.
7. It is available on desktop, mobile, and web browsers.
8. It can be integrated with both hardware and software wallets.

🚨 The Safe{Core} Account Abstraction stack now supports ERC-4337 integrations!

This in-demand update empowers developers to further leverage the benefits of AA, while retaining flexibility and security at its core 💪

Read more👇https://t.co/dJOJiWYO7j

— Safe (prev. Gnosis Safe) (@safe) July 13, 2023

2) Rabby Wallet

Rabby Wallet provides a smooth multi-chain experience. It allows users to check for errors and risks before signing transactions. In addition, Rabby Wallet allows you to view your estimated balance before you sign a transaction. Rabby is compatible with Ethereum, Multichain, Arbitrum, Astar, Fantom, Kava, and other chains.

Gasless signatures aren’t always safe.

These 2 types of gasless signature are commonly used in phishing scams to drain your token and NFTs.

We’ve upgraded Rabby to decode such risky transactions and provide dedicated security checks pic.twitter.com/BKgriAsF8D

— Rabby Wallet (@Rabby_io) July 4, 2023

Here are some of its features:

• It is open-sourced and audited by a professional security company.
• It uses an MIT license.
• Rabby adopts the advanced private key management component from MetaMask.

In conclusion, multisig wallets allow you to access your cryptocurrency holdings without being tied to one specific device. It is better protected against hackers than single-signature wallets. 

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