What is a multisig wallet? Why some crypto needs more than one key
By SendPay Business · · 2 min read
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A normal crypto wallet is controlled by one private key: whoever has it can move the funds. A multisig, short for multisignature, wallet needs approval from several keys before any payment goes out, such as two out of three.
How it works
- The wallet is set up with a number of keys, for example three.
- It is given a rule, for example any two keys must sign.
- A payment is proposed and waits for signatures.
- Once enough keys have signed, the payment is sent.
Who uses them
Companies, funds and crypto exchanges use multisig so no single person can move large sums alone. Some individuals use it to protect savings, keeping keys in different places so one lost or stolen key is not a disaster.
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The trade-offs
Multisig adds safety but also steps: payments take longer to approve, set-up is more complex, and losing too many keys can lock the funds for good. Fees can also be a little higher on some blockchains.
Where SendPay fits
On a SendPay crypto platform your customers buy, sell and hold crypto in their app, and assets are held with regulated partners rather than in wallets your customers manage themselves. You set your own trading fee.
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Questions people ask
Which multisig set-up suits me?
Compare 2-of-3, 3-of-5 and single-key wallets.
Multisig wallet calculator →Read next
Spotted a mistake or something out of date? and we'll fix it. How our guides are made
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.