Now there’s a lot of people who’d want to secure their Bitcoin wallet through the use of its smart contracts, one that’s known as a multisig wallet, which saves their funds from a five-dollar wrench attack or general theft or even to prevent themselves from spending their funds too quickly as a mistake without realizing it. Let’s also not forget about its use in an escrow-based non-custodial swap in a DEX like on our WhalesHeaven platform.
With that said, there’s a lot of people, and companies for that matter, that have a lot of their funds on the Ethereum network and would also like to secure them using the same exact method.
Why the need for an Ethereum multisig wallet?
As mentioned previously, the reason why you’d need a multisig Ethereum wallet is to increase your security, as well as for other use cases like conducting a DEX swap, and in regards to Ethereum specifically, it’s used alongside other types of smart contracts related to the decentralized finance (DeFi) scene, asl well as other services from NFTs to cloud storage management.
Top Ethereum wallets with multi-signature support
For software wallets, there’s WH Cypher, a multi-asset multi-signature wallet that supports ETH and ERC20 tokens alongside other cryptocurrencies. It is based on threshold signatures and hence it provides drastically cheaper operation costs than any other multisignature wallet. Then there is, Gnosis Safe which is a popular hot wallet that can be installed as an app on your mobile device, on your desktop or accessible through your browser. Guarda is also another popular crypto wallet with ETH multisig support.
In terms of hardware wallets, it’s limited in a sense where you’d use them alongside other wallets like the above-mentioned software wallets, where they’d create the actual multi-signature wallet, and then you’d have your hardware wallets as co-signers. With that said, definitely look into the Ledger Nano X, where you’d be able to use it alongside MetaMask and WalletConnect to conduct your swaps on SushiSwap and PanCakeSwap. Another hardware recommended hardware wallet would be the Trezor Model T, which also works with various dApps and other software wallets.
Both of these options, when connecting them with the software wallets, they’ll protect your private keys with as much security as possible and secure your funds.
Hardware wallet vs software Ethereum wallet
Generally speaking, with regards to keeping your funds safe, it’s best to use a combination of both hardware wallets and software ones, where for example you have a 2-of-3 multi-signature wallet, you’d keep one hardware wallet inside of your house, another hardware wallet at a different secure location, and your software wallet with you wherever you go, and once you’d like to execute on an outgoing transaction, then you’d head back home and sign that transaction with your software and hardware wallet and it’ll get broadcasted and executed/confirmed.
With that said, having a hardware wallet is more secure than a software one because you’ll be decreasing your chances of getting a virus that’ll steal your funds, and that’s because they’re usually air-gapped and there’s only its software that you can have.
Whatever wallet you choose and would consider it the best multisig ETH wallet for a multi-signature setup, it’s always best to do your own research for each wallet you come across, hear other people’s opinions and experiences, and learn all the proper steps before you move your funds into any wallet.