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There's like levels to this stuff:

  • Custodial ( or hosted ) wallet
  • Single sig non-custodial regular wallet
  • Single sig hardware wallet approach
  • Multisig
  • Collaborative Multisig with Failsafe ( AKA Casa Bitcoin )
  • Qualified Institutional Custodians like Coinbase / BitcoinSuisse
  • Fully Insured Custodians like Knox Custody

All depends on your risk profile.