Best Multi-signature Crypto Wallets

This information is general in nature and is for education purposes only. Hedge With Crypto does not provide financial advice, nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own enquiries.

The cryptocurrency environment is changing swiftly, with wallets crucial for individuals keeping, organizing, and engaging with their digital assets. From multisig vaults like Castle to gasless smart contract wallets like UniPass, the sector is breaking new ground to improve security, streamline user experience, and emphasize self-custody.

These are our picks for the top multi-signature crypto wallets to choose from.

1. Electrum – Best for Bitcoin owners
2. Unchained – Lots of upgrade options
3. Casa – Great for stablecoins
4. Castle – Best for Bitcoin and NFTs
5. Unipass – Best support for many blockchains
6. Rabbit Wallet – Excellent security features

Top Multi-sig Crypto Wallets

1. Electrum – Best for Bitcoin owners

Electrum is a well-regarded Bitcoin-only wallet recognized for its fast performance, minimal resource consumption, and strong security measures. Its decentralized server architecture guarantees continuous uptime, while its non-custodial design allows users to control their private keys fully. 

Electrum offers advanced features such as multi-signature wallets, integration with hardware wallets, and customizable transaction fees, accommodating new and experienced users. In addition, its support for the Lightning Network facilitates rapid and inexpensive payments, and its Simplified Payment Verification (SPV) function enables users to confirm transactions without downloading the complete Bitcoin blockchain.

Despite its numerous advantages, Electrum does have some limitations. Its user interface might seem outdated and less user-friendly, which can pose difficulties for newcomers. Furthermore, as a software wallet, it is more vulnerable to phishing attacks and malware than hardware wallets. 

Related: Google Plans Bitcoin Wallet Integration for Seamless Crypto Adoption

Nevertheless, its open-source nature allows for community reviews, promoting transparency and security, while its privacy-oriented design—devoid of KYC requirements or data storage on servers—makes it a preferred option for users who value anonymity.

Pros 

• Electrum does not require users to download the entire Bitcoin blockchain, making it quick to set up and use.
• Supports complex multi-sig configurations for tailored security needs.
• The code is publicly available for review, fostering trust and accountability.
• Enhances security by enabling cold storage of private keys.
• No KYC requirements or storage of user data on servers.

Cons 

• As a software wallet, Electrum is more vulnerable to online threats than hardware wallets.

2. Unchained – Lots of upgrade options

Unchained, a financial services company in Austin, focuses on Bitcoin and provides a distinctive multisig (collaborative custody) wallet option. With a yearly fee of $250, Unchained enforces stringent KYC compliance and caters exclusively to Bitcoin. 

Its 2-of-3 multisig configuration increases security by dividing control across several keys, and it integrates well with popular hardware wallets such as Trezor, Ledger, and COLDCARD. The collaborative custody model from Unchained allows users to maintain authority over their Bitcoin while enjoying the benefits of institutional-grade security and assistance. 

In addition to wallet services, Unchained provides groundbreaking financial products, such as Bitcoin-backed loans with no credit checks, Bitcoin IRAs, and a trading desk that facilitates direct purchases into cold storage wallets.

Unchained demonstrates its dedication to security by implementing hierarchical deterministic (HD) wallets, with all keys stored offline on hardware devices, including air-gapped machines. This strategy guarantees optimal defense against online threats.

Unchained distinguishes itself with its exclusive focus on Bitcoin, strong security features, and innovative financial offerings. Although the annual fee and rigorous KYC conditions might dissuade some users, Unchained’s comprehensive services and dedication to transparency establish it as a reliable entity within the Bitcoin ecosystem.

Pros:

• The 2-of-3 multisig setup provides enhanced security while allowing users to retain control over their Bitcoin.
• Supports leading hardware wallets like Trezor, Ledger, and COLDCARD for secure cold storage.
• Offers Bitcoin-backed loans, Bitcoin IRAs, and a trading desk for direct purchases to cold storage.
• Caravan, an open-source multisig wallet, provides flexibility for trustless setups and recovery options.

Cons:

• At $250/year, Unchained’s services may be expensive for casual users.
• The mandatory KYC process may deter privacy-focused users.

3. Casa – Great for stablecoins

Casa, established in 2016, is a multisig wallet provider that operates without custody and offers various plans to provide top-notch security for Bitcoin investors. 

Renowned for its user-friendly design, Casa streamlines the setup of multisig wallets with guided key management and a simple recovery process, making strong security available even to those who aren't tech-savvy. 

In December 2022, Casa broadened its offerings to encompass Ethereum, a decision that disappointed some Bitcoin purists who appreciated Casa's earlier focus solely on Bitcoin. Casa's multisig option is distinctive for being seedless, removing the reliance on recovery seed phrases, which are frequently perceived as a security risk and an unsatisfactory user experience.

Casa works with well-known hardware wallets like Trezor, Ledger, and COLDCARD, distributing keys across various devices and locations to reduce risks related to theft or disasters. This method guarantees that users can never lose access to more than one key simultaneously, thereby improving both security and peace of mind. 

Casa’s focus on personal sovereignty ensures that users maintain complete control over their private keys, aligning with the foundational principles of cryptocurrency.

Pros:

• Guided key management and an intuitive recovery process make Casa accessible to non-technical users.
• Eliminates the risks and hassles associated with recovery seed phrases.
• Supports Trezor, Ledger, and COLDCARD for secure key storage.
• Offers reliable assistance to users facing issues.

Cons:

• The tiered pricing plans may not appeal to users seeking free or one-time payment options.
• Despite adding Ethereum, Casa primarily focuses on Bitcoin, which may deter users looking for broader altcoin support.

4. Castle – Best for Bitcoin and NFTs

Castle is a multisig Bitcoin and NFT wallet designed to provide enhanced security and control for users managing significant amounts of Bitcoin. It emphasizes self-custody, allowing users to fully own their private keys while leveraging multisig technology to mitigate risks. Castle is ideal for individuals and organizations seeking a robust, user-friendly solution for securing their Bitcoin holdings.

Castle is a strong choice for Bitcoin users who prioritize security and self-custody. Its multisig technology, hardware wallet compatibility, and user-friendly design make it a reliable option for safeguarding significant Bitcoin holdings. However, its subscription-based model, Bitcoin-only focus, and reliance on hardware wallets may limit its appeal to some users. 

For those seeking a secure and private Bitcoin vault, Castle offers a robust solution with advanced features tailored to high-security needs.

Main features include:

• Secure wallet integration
• Portfolio tracking
• Onchain vaults for asset protection
• NFT market browsing and buying
• Bulk or individual NFT transfers

Pros:

• Multisig technology requires multiple transaction signatures, reducing the risk of theft or unauthorized access.
• Users maintain complete control over their private keys, ensuring actual ownership of their Bitcoin.
• Designed to simplify multisig setups, making advanced security accessible to non-technical users.
• Compatible with leading hardware wallets like Trezor, Ledger, and COLDCARD for added security.
• Prioritizes user privacy by avoiding identity verification processes.

Cons:

• Castle operates on a subscription fee structure, which may not appeal to users seeking free solutions.
• Limited to Bitcoin, with no support for other cryptocurrencies or altcoins.
• While user-friendly, multisig setups may require some technical understanding compared to single-key wallets.
• Optimal security relies on integrating hardware wallets, which may involve additional costs and setup.

5. Unipass – Best support for many blockchains

UniPass is a smart contract wallet that operates without custodianship and aims to ease cryptocurrency adoption by removing typical obstacles such as gas fees, seed phrases, and the complexities of blockchain technology. 

It works with all EVM+ blockchains and decentralized applications (dApps), providing a straightforward experience for users to send, receive, and cash out stablecoins with no gas fees involved. The wallet facilitates high-speed transactions, allows batch payments, and can handle intricate processes- token transfers, NFT transfers, and swaps—all within a single transaction. 

Additionally, UniPass offers unique features like on-chain email social recovery and ERC-4337 compatibility, making it user-friendly even for those without any blockchain expertise. Gaming platforms can cover gas fees, or players can pay with their in-game tokens, adding flexibility.

Key features:

• Users can pay gas fees on any token or be covered by gaming services.
• No traditional seed phrases; wallet recovery is tied to Google accounts.
• On-chain email recovery ensures easy access without compromising security.
• Compatible with Arbitrum, Ethereum, Polygon, and Optimism.
• Users retain complete control of their private keys, which are encrypted and backed up via Google Drive and AWS KMS.
• Reduces costs for frequent users.

Pros:

• No blockchain knowledge is required; log in via email and password.
• Supports gasless transactions and multiple EVM-compatible chains.
• Private keys are encrypted and stored locally, with backups secured via Google Drive and AWS KMS.
• Social recovery via Google accounts eliminates the need for seed phrases.

Cons:

• While it supports major EVM chains, it does not extend to non-EVM blockchains like Bitcoin.
• Recovery relies on Google accounts, which may concern privacy-focused users.

6. Rabbit Wallet – Excellent security features

Rabbit Wallet is a cryptocurrency wallet without KYC requirements. It lets users control their private keys while offering an easy-to-use experience. 

In privacy-conscious Switzerland, Rabbit Wallet focuses on transparency, security, and user autonomy. Its open-source codebase on GitHub enables independent reviews, fostering trust and accountability. 

Featuring an integrated exchange that provides competitive rates for coin swaps and a modern user interface, Rabbit Wallet streamlines cryptocurrency management while emphasizing privacy and self-custody.

Pros:

• No-KYC policy and self-custody ensure users have complete ownership of their funds.
• The codebase is publicly available, fostering trust and security.
• Intuitive and attractive design simplifies crypto management.
• Provides competitive rates for seamless coin swaps.

Cons:

• Currently limited to a web-based interface with no dedicated mobile or desktop apps.
• Restricted language options at launch may hinder accessibility for non-English speakers.
• Rabbit Wallet is a relatively new wallet with a short track record and requires independent auditing for complete trust.
• While transparency is a strength, the open-source nature means users must rely on community audits for security assurance.

The Importance of Multi-sig Wallets

Apart from increased security, there are many reasons why you want to get a multi-sig wallet.

• Support for Complex Transactions: Multi-signature wallets are especially advantageous for escrow services, where funds are only released when all parties consent, ensuring fair and secure dealings.
• Enhanced Security: Multi-signature wallets require multiple private keys to approve a transaction, lowering the risk of unauthorized access and theft. Even if one key is compromised, the assets remain safe.
• Shared Control: Perfect for businesses or groups, multi-signature wallets enable several individuals to manage funds, ensuring that no single person can execute transactions independently.
• Reduced Risk of Loss: If one private key is misplaced, the other keys can still access the wallet, reducing the chances of permanently losing funds.
• Fraud Prevention: Multi-signature wallets complicate the process for malicious actors attempting to steal funds, as they would need to compromise several keys, which is much more difficult.
• Transparency and Accountability: Transactions require validation from multiple individuals, fostering a transparent and accountable process especially beneficial for organizations or collaborative projects.
• Customizable Security Levels: Users can determine the number of signatures needed for a transaction (e.g., 2 out of 3, 3 out of 5), providing flexibility according to security requirements and levels of trust.
• Protection Against Insider Threats: In a corporate context, multi-signature wallets prevent anyone from misusing funds, as multiple approvals are required.
• Compliance and Governance: Multi-signature wallets help meet regulatory requirements. They guarantee that transactions adhere to established rules and entail collective decision-making.
• Peace of Mind: Knowing that multiple security layers shield funds instills confidence and alleviates concerns about possible hacks or losses.