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‍‍How To Use Backpack Wallet For Multisig Protection

‍‍How To Use Backpack Wallet For Multisig Protection

Backpack Wallet can be used to enable multisig protection in a variety of ways including:

  • Creating multiple hot wallets in Backpack
  • Using a combination of Backpack hot wallets and cold storage hardware wallets
  • Connecting cold storage hardware wallets to Backpack

For the most secure method, utilize this last option.

In this scenario, you will import your cold storage hardware wallets into Backpack and then connect Backpack to a multisig creation platform.

The creation platforms completely manage multisig setup including determining the number of signers, entering approvers' wallet addresses, and setting up a secure vault. After a multisig account is set up, management of the assets requires using the platform and connecting the appropriate wallets to approve transactions.

But it's not as complicated as it sounds.

Here’s the step-by-step.

  1. Import your cold storage hardware wallet(s) to Backpack.
    1. Open the Settings menu and select 'Add Account'
    2. Select 'Import Wallet' and choose the appropriate network
    3. Select 'Use a hardware wallet' and choose 'Use a Keystone wallet'
    4. Follow directions on device to approve connection
    5. Proceed with wallet setup instructions
  2. Visit a reputable multisig wallet platform that has integrated Backpack Wallet and initiate the setup process.
  3. Utilize Backpack Wallet as the interface to manage signatures and transactions.
    • Note: You will sign transactions on your cold storage hardware device using Backpack Wallet as the connection point.

Do you have questions or require further information?

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