Multisig wallets are designed to enhance the security of cryptocurrency transactions by requiring multiple signatures (private keys) before a transaction can be executed. This means that a user cannot perform a transaction alone; they've to coordinate with other signatories (key holders) to authorize any transaction. This feature is particularly beneficial for businesses or groups that want to share control over funds or require a two-factor authentication setup for significantly high-value transactions. Multisig wallets can be configured in various ways, such as 2-of-3 (which requires two out of three keys), 3-of-5, and so on, providing flexibility in terms of governance and control.