If you’re looking for an alternative to Gnosis Safe, look no further! I’ve created a comprehensive list of alternative wallets just for you.
Most of the lists I’ve seen in search results are lists of random single key wallets. Whereas, Gnosis Safe is a multi-sig wallet. So for this post I’ll only be listing wallets that enable multi-party approvals. But be aware, you could also use a hardware wallet if you’re looking for an additional layer of security.
Until recently, the most popular alternative to the Gnosis Safe wallet was the use of hardware wallets - like Ledger Nano and Trezor.
But today, there’s a way better alternative to Gnosis than hardware wallets - MPC
Let’s dive right in!
Obviously I have to put myself first on the list, who wouldn’t? Krayon is by far the best alternative to Gnosis Safe because it uses MPC (multi-party computation) to shard and encrypt your private keys. Like Gnosis Safe, you can require multiple trusted parties to approve transactions. But MPC offers more robust security with greater operational flexibility. I won’t bore you here because I’ve already covered the MPC vs. Multi-Sig argument elsewhere. But if you’re not familiar with MPC, it’s worth understanding what makes it so much better than traditional multi-sig wallets like Gnosis.
Qredo preaches something called decentralised MPC (dMPC). The result of combining their own Layer 2 blockchain network with the cryptographic security of multi-party computation. You can use Qredo’s MPC solution with MetaMask Institutional to provide secure custody of your assets. But the minimum asset value for MetaMask Institutional is $10 million, so this may be less relevant to you. And also depends how happy you are with using MetaMask.
BitGo uses a multi-sig, which is why it’s lower on my list. But they’re a pretty big player in the crypto custody space. Having been around since 2013 they provide custody to exchanges like Bitfinex and Kraken. Their primary services are institutional digital asset custody, trading, and finance. And they were recently acquired by Galaxy Digital.
Cybavo Vault is a digital asset custody solution for enterprises. They have a lot of fancy jargon on their website which talks about their security. But to summarise it for you, they’re also using an MPC solution. And they’re geared more towards large institutions.
ZenGo was one of the first retail crypto wallets to use MPC. If you just want a secure wallet for personal use, then this is probably the best option for you.
Gemini Wallet has two options. The first is an insured hot wallet and the second is an institutional grade cold storage system. I believe that the latter is built on top of IBM’s infrastructure using HSMs (Hardware Security Modules) to store your private keys. The insurance on the hot wallet sounds great for marketing, but I’ve honestly no idea how it works in practice if you try to make a claim.
Aegis Wallet is an open source multi-sig wallet that is compatible with the Ethereum blockchain. It allows users to store their private keys in an offline environment and features a secure password recovery system, cold storage, and two factor authentication (2FA). Aegis also has its own built-in exchange where you can trade ERC20 tokens for any other token on the platform including Bitcoin (BTC) and Litecoin (LTC). The exchange supports various fiat currencies including USD, EURO, GBP, JPY and others as well as crypto currencies such as Bitcoin Cash (BCH), Ethereum Classic(ETC), Stellar Lumens(XLM) , Zcash(ZEC) , Monero XMR )
This hardware wallet has been around since 2014 and provides an additional layer of security to your funds because it uses an offline device for signing transactions, which means you don’t have to connect your devices directly to the internet when using it. Trezor supports many of the most popular cryptocurrencies. It comes with a built-in OLED display so you can see your transactions as they happen on your device. It enables two-factor authentication for extra security measures. And includes recovery options for those times when you lose or misplace your device.
This hardware wallet can store multiple cryptocurrencies in addition to Ether (ETH), including Bitcoin (BTC), Litecoin (LTC), Dogecoin (DOGE) and more than 100 other cryptocurrencies as well as ERC20 tokens like Dai or Augur Reputation Tokens (REP).
Ok, ok, I’m completely biased here.
But here’s why:
Krayon uses MPC (multi-party computation) to shard and encrypt your private keys. MPC has been around for decades, but MPC in crypto is a relatively new use case that’s quickly gaining traction with institutions. In fact, major institutional custodians like Fireblocks and Copper use MPC to secure digital assets for banks and hedge funds. These are very expensive solutions, which is why we decided to build Krayon. Similar to a multi-sig wallet, like Gnosis Safe, Krayon lets you enable multi-party approvals before transactions can be executed. But MPC is way more flexible than multi-sig. If you’re interested in learning more, you can check out this post on multi-sig vs. MPC.
Krayon is by far the best alternative to Gnosis Safe for companies, teams and DAOs. You can create organisation accounts, manage user roles and permissions, and set up custom policies. We also offer wallet management and payment management features. And we’re building a tonne of other cool stuff right now!
ZenGo is also an MPC wallet, but for individual investors. If you’re looking for an alternative to Gnosis Safe for your own assets then it’s a good option. But it’s not a suitable alternative for companies, teams or DAOs. It’s available as an app on iOS and Android and the UX is pretty slick. You can trade crypto freely in the app and buy crypto with fiat. It costs nothing to sign up, so if you’re interested, I’d say check it out for yourself.
Obviously, your use case matters a lot when choosing an alternative to Gnosis Safe. As an individual looking for an added layer of security, you're probably better off with a hardware wallet. But if you're looking for something for your company, team or DAO - MPC is definitely the winner here. There are just so many advantages to MPC over multi-sig that it doesn't make sense to still be using Gnosis Safe in 2022. So get yourself an MPC wallet and give Krayon a go!