Multi-Sig Wallet Options Coming Soon
Better security, more control, and reducing your risk, how is it possible?
We’re always looking to improve security and reliability across our app, especially in relation to new features and added functionality that you ask for.
We’re thrilled to announce that multi-signature (multisig) wallets will soon be available on Team Finance, adding an extra layer of security and control for your transactions.
What Are Multi-Signature Wallets?
Multi-signature wallets require multiple private keys to authorize a transaction, unlike traditional wallets that rely on a single key.
This means that no singular person has control over a wallet, requiring multiple people to agree and authorize actions.
With a multisig wallet, actions like transferring funds require the consensus of designated key holders.
Why Multi-Signature Wallets?
We took your feedback and requests onboard, and decided to add multi-sig wallets to help:
- Increased Security: Transactions require multiple approvals, reducing the likelihood of unauthorized access.
- Greater Control: This might be an ideal setup for projects, communities, and web3 organizations, ensuring that funds are only moved with collective agreement, adding accountability and transparency.
- Reduced Risk: The shared control eliminates single points of failure, minimizing risks associated with lost or compromised keys.
How the Addition of Multisig Improves Token Management
This new feature adds another layer onto our security stack, one which will be rolled out across all blockchains and all of our token management services like: liquidity locking, NFT locks, vesting schedules, Multisender, and more.
Stay Tuned
We'll be announcing the update soon, so make sure you subscribe to the blog and keep track of our latest updates.
In the meantime, we recommend you investigate multisig wallets, their use cases, and consider reaching out to your community or stakeholders to help onboard them.