With Coinbase going public, to Amazon testing digital assets to Visa and Mastercard supporting crypto, crypto is being mainstreamed. More and more businesses want to join the crypto revolution. This is exciting for us at Multis because we believe that blockchain technology and crypto currencies can help companies. Crypto natives companies, especially DAOs, have particular needs when it comes to managing their crypto. Multisignature wallets are the gold standard for safe and innovative storage especially for crypto organisations. If we were to recommend a multisig, it would be Gnosis. We like it so much our previous Multisig wallet was built on Gnosis!
Gnosis — What is it?
Gnosis builds new market mechanisms for decentralized finance. Their three interoperable product lines allow you to securely create, trade, and hold digital assets on the Ethereum blockchain.
Gnosis Safe — the successor of Gnosis Multisig
The Gnosis Safe Multisig is the official successor of Gnosis Multisig. This upgrade comes with various security and user experience improvements. As the name implies, a multisignature requires a minimum number of people to approve a transaction before it can occur.
Most people with crypto use a single key wallet, be it a hardware or a software wallet.
While these wallets can be useful for someone holding crypto for personal use, they’re less than ideal for a business. A wallet with only a seed phrase to access it makes it extremely possible for an employee to go rogue and siphon funds. This happens more often than you may think. Not just that, even if your business is made up of one person, it is still not the wisest way to secure your digital assets (we think a Shared Custody Multisig is a good way to go).
With a multisig, a company with 5 managers can set up their wallet to require approval for all 5 of the managers or 3 of the 5 managers for major transaction. This insures that no funds are misused by a person.
In addition, Gnosis Safe Multisig gives users full custody over their funds, meaning users are in control 100% of the time and have access to funds 24/7.
As of 1st September 2020, there are over 1bn USD in digital assets secured by
Gnosis. The smart contracts of Gnosis Safe are not just audited, but formally verified, and the company runs a bounty program where researchers can earn up to $100,000 for every bug they report.
Some features of Gnosis Multisig Safe include:
- Multi Signature — Fully customize how you manage your company crypto assets, with the option to require a predefined number of signatures to confirm transactions. Require multiple team members to confirm every transaction in order to execute it, which helps prevent unauthorized access to company crypto.
- Assets- Gnosis Safe Multisig supports ETH, ERC20 (Tokens) and ERC721 (Collectibles). You can also see the fiat values of your assets.
- Use any wallet — Use any wallet to sign transactions. No matter if it’s a mobile wallet, browser extension, or hardware wallet
- Safe Apps- Bringing multisig security to DeFi, you can now put your funds to work directly from the Gnosis Safe Multisig interface. Use digital assets to invest, earn, borrow, invoice, do payroll and more.
We also like that Gnosis Safe does not try to be more than what its name says. You won’t find banking features or 3rd party integrations here, minimizing the surface of an attack. If you are looking for a place for your treasury, look no further than Gnosis.
You can find a full overview and comparison of Gnosis Multisig Safe here:
As proof of confidence in the Gnosis Safe, Gnosis has moved an additional 10,000 ETH to the Gnosis Safe contracts and will move an additional 10,000 ETH every month until all of their company’s crypto funds are stored there.
We use and recommend Gnosis Safe as it’s a solid offering and meets all the levels of security we expect from a well built product. We are using Gnosis safe to build the best crypto wallet for crypto companies.
