Electrum 2/2 PSBT Multi-sig

Keystone firmware version V1.1.1 (BTC-Only) or newer supports PSBT Muti-signature function. This instruction will show how to create a 2/2 PSBT Multi-signature with Keystone, Coldcard and Electrum V4.1.2 in details.

2/2 PSBT Multi-sig is not a good quorum. This tutorial is just for the purpose of showing how to use Keystone and Coldcard to set up your multi-sig wallet with Electrum. Learn more about picking a good quorum: https://btcguide.github.io/quorum

I. Preparation

1. Firmware version V1.1.1 (BTC-Only) or newer running on Keystone Essential or Pro.

(Please read How to upgrade firmware for more details.)

2. Coldcard upgraded to firmware version V2.1.0 or newer.

3. MicroSD card (≤512GB; Default FAT32 format).

4. Electrum Wallet (V4.1.2 or newer) running on PC/Mac.

II. Create a 2/2 multisig wallet with Keystone and Coldcard

- Create multisig wallet on Coldcard

1. Export Keystone's Xpub to a MicroSD card

1) Insert the MicroSD card into Keystone

2) Touch [Menu] > [Multisig Wallet] > Press the [•••] button on the top right > [Show/Export XPUB].

3) Touch [Export All] > [Export].

2. Create multisig wallet on Coldcard

1) Take the MicroSD card from your Keystone and insert it into Coldcard.

2) [Settings] > [Multisig Wallets] > [Create Airgapped]

3) Set address type (Default-P2WSH) and the number of cosigners (2 of 2).

4) Confirm (√) and complete creating a 2/2 multisig wallet.

3. After the previous steps, you will get 2 files on your microSD card:

1) “export-CC-2-of-2.txt” - this is for importing multi-sig wallet to Keystone - allows Keystone to check the genuinity of multisig when signing.

2) “el-CC-2-of-2.json” - this is for creating watch-only wallet on Electrum.

If you didn’t get these two files, please export manually by following the instructions:

1) Export the multisig wallet file (for importing multisig wallet to Keystone) to the microSD card.

① Insert the microSD card into Coldcard.

② [Settings] > [Multisig Wallets] > [2/2: CC-2-of-2] > [Coldcard Export] > Export the “export-CC-2-of-2.txt” file to the microSD card.

2) Export the multisig wallet file (for creating a watch-only wallet on Electrum) to the microSD card.

① Insert the microSD card into Coldcard.

② [Settings] > [Multisig Wallets] > [2/2: CC-2-of-2] > [Electrum Export] > Export the “el-CC-2-of-2.json” file to the microSD card.

- Import multisig wallet file to Keystone

1. Take out the microSD card from Coldcard and insert it into Keystone.

2. Tap [Menu] > [Multisig Wallets] > [Import Multisig Wallet].

3. Select file “export-CC-2-of-2.txt” > Click on [Confirm].

- Import multisig wallet file to Electrum and create watch-only wallet

1. Take out the microSD card from Keystone and insert it into PC/Mac.

2. Run Electrum, then click on [choose...] > Select file “el-CC-2-of-2.json” > [Open] > [Next]> [No].

IV. Sending bitcoin from the 2/2 multisig address (Keystone & Coldcard)

- Generate multisig transaction on watch-only wallet(Electrum) and export unsigned multisig transaction file to MicroSD card.

1. Click on [Send] > Enter destination address and amount > [Pay] > [Send].

2. Click on [Export] > [For hardware device; include xpubs] > [Export for file] > [Save].

- Partially sign multisig transactions on Coldcard

1. Take out the microSD card from PC/Mac and insert it into Coldcard.

2. [Ready To Sign] > Select transaction file.

3. Confirm and export partially signed multisig transaction file to microSD card.

- Complete sign multisig transaction on Keystone

1. Take out the microSD card from Coldcard and insert it into Keystone.

2. Enter Multisig Wallet > Press "MicroSD card" icon on the top right > Select the partially signed transaction file > Confirm transaction details and press [Sign].

3. Password Verification > Press [Export] to export a fully signed multisig transaction file to the microSD card.

- Broadcast multisig transactions with Electrum

1. Click on [Tools] > [Load transaction] > [From file] > Select fully signed multisig transaction file > [Open] > [Broadcast].

Instructions recommended: Delete Multisig Wallet on Keystone 、Electrum 2/3 PSBT Multi-sig