For most users, managing Bitcoin custody in a traditional business infrastructure can be not only a daunting task but also a difficult one. To responsibly and efficiently handle stakeholders and other managers access to gigantic institutional funds, numerous organizations are starting to leverage best cryptocurrency wallet such as Trezor hardware wallets in a completely independent multi signature setup.
Multisig wallets work just like any other wallet but offer addon features. It requires a threshold number of private keys (stored by the stakeholder) to sign and transfer any fund from one wallet to another – parallelly broadcasting the transaction to the respective blockchain network.
A multisignature wallet is generated by providing a number of existing keys such mechanism also applies several other backup systems. Later, signatures are cryptographically combined to create a wallet that all the stakeholder control and govern. In order to sign a transaction, you have to first sent funds from your wallet with a certain number of signatures.
Usually, in corporate settings, both CEO and CFO including other higher-level management of the respective organization are supposed to hold a hardware wallet containing keys to multiple multisig wallet accounts. All the organization transaction takes place only when both (including other individual involved in the trade) present their private keys for a particular multi signature wallet account.
Such structure and secure approach make multisig wallet the best crypto wallet in India. Only when all the required limits of keys are produced, then only the funds unlocked, and released from one multisig wallet to another.
The best part of using the multisig wallet – even if one of the stakeholders loses one of the private keys, you can still access your funds using other keys. Usually, organization solve this problem by storing a third key (with a physical hardware wallet) with a legal entity or an external trusted organization or a board member. Such a system in place provide redundancy to the entire corporation especially keys become inaccessible.
Backups used to be challenging, but with multisig wallet – backups are no more a challenge. In fact, every participant of the multi-signature wallet must have a backup in place. There are supports offered by multisig wallet providers that allow you to always store a backup in a distributed fashion.
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 team at Liminal believe that managing the digital assets should not be intimidating and complex.
Liminal has built the entire web3 blockchain-based digital asset custodian platform services including 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.