FailSafe Releases Support BitGo Multi-Sig Wallets

Multi-signature wallets are a security staple for crypto enterprises. FailSafe demonstrates our SDK’s compatibility with BitGo, a leading multi-signature wallet provider.

What is a Multi-Signature Wallet?

Private keys are used to access crypto wallets by signing unique signatures that serve as a proof of ownership. Ordinary wallets require only a single private key to sign and confirm transactions. However, this amounts to a single point of failure where the access control for a wallet’s private key becomes compromised.

A multi-signature wallet (also called a “multi-sig” wallet) is designed to offer more security by requiring two or more signatures to authorize and send a transaction using multiple private keys. Although commonly used by multiple key-holders, a single user can also use a multi-sig wallet across multiple devices.

The vast majority of crypto hacks occur because of private key compromises, highlighting the importance of a layered approach to private key security. Given the increase in multi-sig wallet hacks, FailSafe has expanded our security capabilities to cover them in worst-case-scenarios. For the first time ever, crypto enterprises can now enjoy the ultimate protection against cyberattacks for assets held in multi-signature wallets.

FailSafe Unveils BitGo PoC

BitGo is a leading multi-signature wallet provider trusted by crypto users and enterprises. FailSafe’s latest Proof of Concept (PoC) documents the composability of our security suite by integrating with BitGo multi-signature hot wallets. Using our SDK, developers can add an essential protective layer to further strengthen their resilience against unauthorized access.

The PoC demonstrates FailSafe’s capacity to secure ERC-20 assets in a multi-sig wallet from attacks in a simulated attack. It also includes detailed instructions for developers on preparing for the API integration and setting the appropriate environment variables, among other important technical notes.

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