Settinig up a multisignature wallet may sound complex, the reality is it’s extremely simple. In fact, it takes just 60 seconds to set up. Here is a walkthrough to get started:
1) Connect a wallet
Gnosis Safe Multisig supports a wide range of wallets that you can choose to be one of the authentication factors.
2) Choose a name
Once a wallet is selected, you can start the process of setting up your Safe. First, you'll need to give a name to your new Safe Multisig. This name is only stored locally on your computer and never shared with Gnosis or any third-party.
3) Select owners
This step is important as these are the addresses that have permission to submit and approve transactions (you can later remove or replace these addresses). The site will guide you through the process by asking for the account address or ENS name of the people who need access.
4) Define confirmation threshold
The last step is selecting how many confirmations a transaction requires before it is approved. Earlier in the article I talked about a 3 of 3 setup but there are many different setups that you can use and each have their own benefits or drawbacks. A drawback of a 3 of 3 setup is if one owner loses access to their account, the company funds are now stuck. Given that, I’d suggest that a 2 of 3 setup is in fact safer than a 3 of 3.
You could even consider a 5 of 6 where each person has 2 wallets (a hardware and an EOA) tied to the multisig. That way, in case 1 is lost, at least they still have access to the other.
This setting is something that should be discussed thoroughly within your company.
After you have reviewed all parameters, you can submit the creation of your Safe Multisig and follow the instructions on the screen.