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I happened to deposit a new token "POWR" on bittrex exchange and when clicked to generate a new address i got a 0xa217f4c09ff1a27be0724f1efaf0fc5e87ca3031 When i checked the address in Etherscan the i found it aas a smart contract address, so i got confused that why did i got a smart contract address to deposit my funds to.

I asked some of my developers and then they told me that it is a multisignature address. So my question is how can we identify if a specific address is smart contract or a multisignature address.

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A multisig is a type of contract, they aren't two different types of addresses.a multisig is just a contract that requires multiple private keys to do something. Usually the "something" is just withdrawing/moving eth or tokens.

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