Multisig stands for multi-signature, which is a specific type of digital signature that makes it possible for two or more users to sign documents as a group.
Therefore, a multi-signature is produced through the combination of multiple unique signatures.
Unlike single-key, the funds stored on a multisig address can only be moved if multiple signatures are provided (which are generated through the use of different private keys).
According to the way a multisig address is configured, it may require a different combination of keys: 2-of-3 is the most common one, where only 2 signatures are sufficient to access the funds of a 3-signature address.
Therefore, only decisions that are agreed upon by the majority can be executed.
Closing thoughts Despite having a few disadvantages, multisig wallets have numerous interesting applications, making Bitcoin and other cryptocurrencies even more useful and appealing - especially to businesses.

Source - https://academy.binance.com/en/articles/what-is-a-multisig-wallet
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