Multisig Wallet
BlockPeer integrates Gnosis Safe Multisig, enabling finance teams to collaboratively manage digital assets with enhanced security. The Multisig Wallet ensures that no single person has full control over funds, making it ideal for secure decision-making in payments, payroll, and crypto transactions.
Step 1: Prerequisites
Before creating a Safe Multisig wallet in BlockPeer, make sure the following conditions are met:
User Permissions: The users who need to create a Safe Multisig wallet should be assigned the Safe creation permission in User Management. These users must belong to the Staff category.
MPC Wallet Activation: Any user who needs to be added as a signer must have logged into BlockPeer MPC Wallet at least once.
Step 2: Navigating to Safe Multisig
Login to BlockPeer
Use your BlockPeer credentials to log into your account.
Navigate to Wallet
From the main dashboard, go to the Wallet section.
Select 'Safe Multisig'
In the Wallet menu, click on Safe Multisig to begin creating a new Safe.
Step 3: Creating a Safe Multisig Wallet
Click on 'Create Safe'
In the Safe Multisig section, select the option to Create Safe.
Provide Safe Multisig Wallet Details:
Name: Assign a name to your Safe Multisig wallet to help distinguish it from others.
Chart of Accounts Mapping: Select the relevant Chart of Account that will be linked to this Safe for accounting purposes.
Threshold: Define the number of signers required to approve any transaction (i.e., if you have 5 signers and choose a threshold of 3, at least 3 signers must approve each transaction).
Add Signers:
You can select signers from users within your finance team who have been added in the User Management section. Ensure that these users have logged into their MPC Wallet at least once.
Once added, these signers will participate in the approval process for transactions.
Complete Creation:
After configuring all the details, click Create Safe to finalize the setup.
Step 4: Managing an Existing Safe Multisig Wallet
Once the Safe Multisig wallet is created, you can view and manage it in the Existing Safe menu.
View Safe Details:
Go to the Existing Safe menu to view the name, threshold, signers, and associated chart of account for each Safe Multisig wallet.
Depositing to Safe Multisig Wallet: Deposits into the Safe Multisig wallet can be initiated from external wallets. You can obtain the wallet address from the Existing Safe menu and transfer tokens into it.
Withdrawing from Safe Multisig Wallet:
To withdraw funds, select the Withdraw option next to the available tokens in the Safe Multisig wallet. Ensure that the required number of signers (threshold) approves the withdrawal transaction before it can be executed.
Adding or Removing Signers & Updating Threshold:
You can manage signers and update the threshold in the Existing Safe menu by navigating to the Safe Details tab for each Safe Multisig wallet.
Step 5: Use Cases for Safe Multisig Wallet
BlockPeer’s Safe Multisig wallet can be used for various business needs:
Supplier Spot Crypto Payment: Safe Multisig ensures that payments to suppliers in crypto are only made after the required approvals from the signers.
Employee Payroll Payment: Payroll can be executed using the Safe Multisig wallet, ensuring that funds are released only after signers' approval, adding an extra layer of security for employee payments.
Step 6: Security Features
Multiple Signers: Safe Multisig ensures that no single person can act unilaterally on financial decisions. Transactions require approval from multiple designated signers, based on the threshold set during wallet creation.
MPC Wallet Integration: Signers must have connected their MPC Wallets to BlockPeer, ensuring all approvals are done securely and decentralized.
Threshold-based Security: The threshold feature ensures that even if one of the signers is compromised, no transaction can be processed without a majority consensus.
Supported Blockchains for Safe Multisig
BlockPeer allows the creation of Safe Multisig wallets across 11 different blockchains, including:
Ethereum
Polygon
BNB
Optimism
Arbitrum
Celo
Base
Avalanche
Gnosis
Polygon zkEVM
ZKSync Era
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