Monero Market implements 2/3 multisig escrow system

The Monero Market¹ trading platform has announced²’³ the implementation of an optional 2/3 multisig escrow system for transactions over 1 XMR:

Multisig escrow is optional and intended for intermediate-advanced Monero users. [..] The Multisig wallets are 2/3 meaning there are 3 creators, and 2 signatures are required to move funds. The wallet will be created asynchronously over a 48 hour creation and funding time limit.

Steps overview

1. Buyer, seller, and Monero Market create the 2/3 multisig wallet
2. Buyer funds wallet
3. Everyone uploads their Partial Key Image file
4. Seller delivers good / service
   (trade is successful, cancelled, or disputed) 
5. Sign and submit transactions

Note that Monero multisig is still considered experimental and it requires the use of Monero CLI Wallet⁴.

This is an ongoing story and the report will be updated when new information is available.