Multisignature for major withdraws

A minimum of two parties are required for a large withdraw? Yes / No

A sole person alone should not be able to compromise the cold wallet or customer assets. Requiring authorization from two different people makes it less likely that one person disappears with all the customer assets.

Digital currencies provide a multi-signature mechanisms. A withdraw action can be set to require minimum of two different parties to confirm it. Such a mechanism should be used any time a large fraction of assets are moved e.g. topping up the hot wallet from the cold wallet.

Applies for: Medium and large enterprises

Related incidences:

• Bitpay

Links:

• Multisignature (Bitcoin Wiki)