What does multisig mean?

Multisig is short for multisignature and refers to having more than one signature to approve a transaction. This form of security is beneficial for a company sending and receiving money into their BTC wallet. If a company wants to keep it so that one employee doesn’t have sole access to a transaction, multisig allows for a transaction to be verified by two separate employees before it’s complete.

Multisig has also been called “M of N”, where M is the required number of signatures or keys required and N is the total number of available signatures of keys. So, a company could have 10 people capable of signing a transaction and specify that 6 of these 10 people must sign any transaction. Multisignature is not a new concept, but it has gained mainstream understanding thanks to cryptocurrencies.