Multi-signature (multi-sig) wallets enhance the security of cryptocurrencies by requiring multiple private key signatures to authorize transactions. These wallets are transformative for crypto exchanges, businesses, and high-net-worth individuals, as they provide an additional layer of security for digital assets. Unlike traditional wallets that depend on a single private key, multi-sig wallets distribute control among multiple parties. This approach reduces the risk of hacking, fraud, or unauthorized access. Additionally, multi-sig wallets ensure shared control over company or community funds and minimize risk by allowing backup keyholders to recover assets if needed.