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description: 'Learn about Safe support in our EVMs' | ||
description: 'Multisig wallet refers to having multiple private keys for a single web3 wallet.' | ||
image: /img/logo/WASP_logo_dark.png | ||
tags: | ||
- IOTA EVM | ||
- ShimmerEVM | ||
- Safe | ||
- Multisig | ||
--- | ||
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Both [IOTA EVM](https://safe.iotaledger.net/welcome?chain=iota) and [ShimmerEVM](https://safe.iotaledger.net/welcome?chain=smr) support a custom Safe integration. | ||
# Safe Wallet | ||
### Safe wallet is IOTA's exclusive [MultiSig](https://safe.iotaledger.net/welcome) wallet. The term “multisig” is short for "multisignature". | ||
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The security of cryptocurrency demands greater attention as digital assets gain traction. Individuals and organizations need robust strategies to safeguard their funds. Multisignature (multisig) wallets are emerging as a powerful cybersecurity tool in the crypto space. | ||
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Unlike traditional finance, decentralized digital assets require a different approach to security. Thankfully, innovative technologies like multisig wallets provide an extra layer of protection, allowing you to trade cryptocurrencies on chains like [Shimmer EVM](https://explorer.evm.shimmer.network/) or [IOTA](https://explorer.evm.iota.org/). | ||
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![IOTA MultiSig](/icons/iota/safe.png) | ||
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## Why are multisig wallets more secure for crypto? | ||
Traditional crypto wallets rely on a single signature for transactions, making them vulnerable if that key is compromised. Multisig wallets offer superior security by requiring multiple approvals before funds can be moved. This added layer of verification significantly reduces the risk of unauthorized transactions, even if a hacker gains access to one of your keys. | ||
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## Use Cases for multisig wallet | ||
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### Shared Asset Security: | ||
- Joint Ownership: Securely manage crypto held jointly by couples, business partners, or organizations. Requires approval from all parties for transactions, preventing unauthorized spending. | ||
- Company Funds: For businesses with substantial crypto holdings, enforce multi-approval workflows for withdrawals, minimizing internal theft risk. | ||
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### Enhanced Threat Protection: | ||
- Lost/Compromised Keys: Mitigate the impact of lost or compromised keys. Remaining keys can still safeguard funds, unlike single-signature wallets. | ||
- Hacking Defense: Add a significant hurdle for attackers. Even with access to one key, they cannot steal funds without additional signatures. | ||
- Custodial Account Control: Maintain control over crypto held in exchanges or IRA providers. Multisig wallets ensure withdrawals require approval from both the - user and the custodian, preventing unauthorized access. | ||
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### Important Considerations: | ||
- Technical Complexity: Setting up and using multisig wallets requires more technical expertise compared to traditional wallets. | ||
- Signatory Balance: Finding the optimal balance between security (more signatories) and practicality (fewer signatories) is crucial. | ||
- Individual Suitability: For most individual users with smaller crypto holdings, a standard single-signature wallet might be sufficient. | ||
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:::tip | ||
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Learn more about safe account [here](https://help.safe.global/en/articles/40835-what-safe-setup-should-i-use). | ||
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::: | ||
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:::info | ||
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Setting up safe account: [here](https://help.safe.global/en/articles/40868-creating-a-safe-on-a-web-browser). | ||
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::: | ||
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