Managing digital assets securely is a top priority for individuals and teams alike. One of the most effective ways to enhance security is through multisignature (multisig) wallets, which require multiple parties to approve transactions. This guide walks you through how to use Ownbit multisig wallets step by step, focusing on a 2-of-3 setup involving three managers: user1, user2, and user3.
Important Reminder: A multisig wallet allows multiple parties to jointly manage assets. In a 2-of-3 configuration, at least two signatures are required to spend funds. If this threshold cannot be met—for any reason—the assets may become permanently inaccessible. Multisig setups are ideal for teams, family members, or trusted friends. Avoid using them with untrusted or unknown parties to prevent fraud.
Creating a Multisig Wallet
Each participant—user1, user2, and user3—must first download and install the Ownbit wallet app. Then, follow these steps to create a multisig wallet:
- Open the app and go to Home > Create Wallet > Multisig Wallet.
- Enter a unique wallet ID (e.g.,
obms_user1). - Choose whether to set up a multisig cold wallet.
Cold Wallet vs. Regular Wallet
A cold wallet stores the seed phrase offline, significantly increasing security. To use it, you need two devices:
- One phone remains permanently offline (airplane mode) as the cold wallet.
- The other stays online as the watch-only wallet.
👉 Discover how secure cold storage can protect your crypto holdings
While regular multisig wallets are already secure, using a cold setup is recommended for large asset holdings when you have access to two devices.
After creation, securely back up your recovery phrase. Once done, you’ll enter the multisig dashboard where you can begin setting up shared wallets.
TRC20 Multisig (Using USDT-TRC20 as Example)
To create a TRC20-based multisig wallet:
- Tap the + button in the multisig section.
- Name your wallet (e.g., "Team Treasury").
- Select Tron (TRX) as the currency—note that newer versions no longer list USDT-TRC20 separately.
- Choose the 2-of-3 signature scheme.
Adding Participants
Click the + icon in the participants section and enter the multisig IDs of the other users (e.g., obms_user2, obms_user3). Once all three have been added:
- Each participant will see a pending invitation in their app.
- They must open it and tap “Join”.
Once everyone joins, the creator sees a prompt to deploy the multisig contract.
You'll be asked to deposit a small amount of TRX to cover deployment fees. After payment, the contract is live.
Now, test it by sending some USDT-TRC20 to the generated address.
Spending Multisig Assets
To send funds:
- One user initiates a transaction and enters their password.
- Other participants receive a signature request notification.
- Once two approvals are collected, the transaction is automatically broadcast.
Adding Other TRC20 Tokens
A TRC20 multisig address can receive any TRC20 token. Most tokens appear automatically upon receipt, though some may require manual addition.
Only the wallet creator can manually add new tokens via the “Add Multisig Entry” option, using the token’s contract address (Token ID).
ETH/ERC20 & BSC/BEP20 Multisig (Using USDT-BEP20 as Example)
ETH and BSC-based multisig wallets operate via smart contracts and require gas fees (ETH or BNB) for deployment and transactions.
Prerequisites
Ensure each user has:
- A personal wallet with ETH (for Ethereum) or BNB (for BSC).
- Sufficient balance to cover gas costs.
Setup Process
- Tap + in the multisig section.
- Enter a name and select BSC (replaces older USDT-BEP20 option).
- Choose 2-of-3 signing requirement.
Select between:
- Standard Mode: Requires exact number of signatures; no fallback.
- Emergency Protection Mode: If one signer becomes inactive (e.g., due to unforeseen circumstances), after ~416 days, remaining signers can lower the threshold and recover funds.
👉 Learn how emergency recovery features enhance long-term asset safety
For high-stakes 3-of-3 or 5-of-5 setups, Emergency Protection Mode is recommended.
After selecting the mode, invite participants by entering their wallet IDs. Once all join, deploy the contract using your personal wallet to pay gas fees.
After deployment, deposit USDT-BEP20 or other BEP20 tokens.
Sending Funds
Initiate a send request from the multisig interface. After two signatures are collected, one user must submit the transaction using their personal wallet, paying gas in BNB.
Adding More BEP20 or ERC20 Tokens
New BEP20 or ERC20 tokens sent to the multisig address will usually appear automatically. Manual addition follows the same process as TRC20.
Note: Older ETH multisig versions (MS version 0) do not support ERC20 tokens. All newly created wallets use version 4+, ensuring full compatibility.
Open-Source Code Verification
The smart contracts behind ETH/ERC20 and BSC/BEP20 multisig wallets are open-source. Users can verify code on Etherscan for transparency and trust.
SOL/SPL Multisig
The process mirrors TRC20 multisig but includes an extra step: after signatures are collected, someone must manually send the transaction to the Solana network. Otherwise, setup and usage are nearly identical.
BTC Multisig (Also Applies to LTC, DOGE)
BTC uses UTXO-based architecture, but its multisig workflow in Ownbit is straightforward:
- Tap + in multisig menu.
- Choose BTC and set 2-of-3 signing rule.
- Add participants by their wallet IDs.
- Wait for all to join.
No contract deployment is needed—once joined, the wallet is active.
Deposit BTC to test functionality.
Sending BTC from Multisig
- One user initiates a send.
- Enters password and broadcasts the unsigned transaction.
- Others receive signature requests.
- After two approvals, the transaction is automatically broadcast to the Bitcoin network.
This process also applies to Litecoin (LTC), Dogecoin (DOG), and other UTXO-based coins.
Using a Multisig Cold Wallet
For maximum security:
- Install Ownbit on two phones.
- Keep one permanently offline (cold device).
- Use the other online as a watch-only wallet.
Creating a Watch-Only Wallet
On the cold device:
- Go to multisig wallet > Create Watch-Only Wallet Configuration.
- Scan the QR code with the second device to generate the watch-only version (shown in gray).
Signing Transactions
- On the watch-only device, input send details and confirm.
- A QR code appears—scan it with the cold wallet to sign.
- The cold wallet generates a signed QR code—scan it back with the watch-only device to broadcast.
Each transaction requires two scans, ensuring private keys never touch an internet-connected device.
Self-Recovery of Multisig Assets
Ownbit does not hold your keys or control your funds. All data is decentralized, meaning you can recover your multisig assets without relying on Ownbit’s servers.
Using your recovery phrases and knowledge of the multisig structure, you can reconstruct access independently—even if the app ceases to exist.
This ensures true ownership and long-term resilience of your digital wealth.
Frequently Asked Questions
What is a multisig wallet?
A multisignature wallet requires multiple private key signatures to authorize a transaction, enhancing security by distributing control among several parties.
Why use a 2-of-3 multisig setup?
It balances security and accessibility—no single person controls funds, yet operations continue even if one signer is unavailable.
Can I add more participants later?
No—multisig configurations are fixed upon creation. To change participants or rules, you must create a new wallet and migrate funds.
Is my multisig data stored on Ownbit’s servers?
No. Ownbit does not store your keys or transaction data. Everything is managed locally on your devices.
What happens if I lose my phone?
As long as you’ve backed up your recovery phrase, you can restore your wallet on another device.
Can I use multisig for non-custodial team management?
Yes—multisig is ideal for teams managing treasury funds, DAOs, or shared investments without central control.
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