How to Setup and Use a Shared Multisig Cryptocurrency Wallet

A multi-signature wallet is a type of crypto-wallet that allow users to share access to their funds and requires more than two signatures to initiate and execute transaction across blockchain networks.  It works very similarly to a traditional joint bank account.   

One of the prominent reasons why a multisig wallet is considered to be the best crypto wallet in India is the fact that it can be employed by multiple keyholders or by a single user across multiple electronic devices. Multisig wallet supports both custodial and non-custodial wallets – another reason why it is considered to be the best cryptocurrency wallet in the industry.   

The multi-wallet is designed for both institutions and individuals. Businesses with multiple parties involved can leverage multi-signature wallets. It is best suited for scenarios where multiple authorizations are required to execute a payment.   

Being one of the best crypto wallets in India, the multi-signature wallet also solves the biggest problem non-custodial wallet owners face. Just in case, the physical device that stores the private keys is no more in the position of the owner, as well as one of the recovery phrases, gets damaged, still, the user can recover the crypto-investments using other phrases offered by a multi-sig wallet. It offers a double layer of security.  

Multisig wallets are supported on all platforms – from desktop to mobile to web, including cold wallet hardware devices. The first step is to download and install the multi-sig wallet applications. Next, tap on Add/ import and add a new multi-sig wallet. Select the cryptocurrency of your choice – Bitcoin, Ethereum, dogecoin, or USDT. Now, give a name to your wallet. Enter the name of the copays, number of copayers, and number of required signatures. Users can further configure their wallet by clicking on show advanced options and opting to use a single address instead of generating a new address for each transaction. Users can also enable the segregate witness option. Finally, click create.   

After successfully setting up the multi-signature wallet, users will get the option to record their unique recovery phrase. From a security perspective, don’t share and securely back up the recovery phrase. You can share the QR code generated by the wallet and ask the copayer to join the multi-signature wallet. Every copayer will have its unique recovery phrase.  

If you’re looking for the best crypto wallet in India then you must opt for a Liminal multi-wallet with hardware wallet support.  

Liminal is among the leading enterprises offering institution-grade web3 blockchain infrastructure, such as a hot wallet crypto platform designed to assist organizations with their digital asset self-custody need.   

Liminal’s digital asset custodian platform services such as trezor and ledger hardware wallet are developed with simplicity in mind because the team at Liminal believes that managing digital assets should not be intimidating and complex.   

Liminal has built the entire web3 blockchain-based digital asset custodian platform services including a hot wallet and cold storage wallet with a security-first approach – so that you can sleep peacefully without worrying about the security of your digital assets and funds. And you also receive expert customer support from our team – to resolve challenging technical complications.