24 Jan 2024 [services]

Monero Market implements 2/3 multisig escrow system

The Monero Market1 trading platform has announced23 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.