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Multisignature Wallet

What does Multisignature Wallet mean in crypto terms?

A Multisignature Wallet, or multisig wallet for short, is a digital wallet designed to enhance security through the requirement of multiple signatures to authorize a transaction. Typically used to divide responsibility among multiple individuals or devices, a multisig wallet ensures that no single entity has control over the entire wallet. This set-up is particularly useful for safeguarding funds, as it mitigates the risk of theft or loss of private keys by requiring consent from multiple parties for transactions to be validated and added to the blockchain.

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