Onramp provides Bitcoin financial services through Multi-Institution Custody, where three separate institutions hold keys to ensure that no single entity can unilaterally access funds. This system guarantees that users maintain control of their Bitcoin while benefiting from enhanced security and reduced technical burdens associated with traditional cold-storage methods.
Funding
Funding not disclosed
Founders
Product
Problem
Securing Bitcoin holdings often involves complex cold-storage methods, creating technical burdens for users. Traditional third-party custodianship, while easier, requires users to relinquish control of their Bitcoin.
Solution
Onramp provides Bitcoin financial services through Multi-Institution Custody, a system where three separate institutions each hold a key to a multi-signature vault. This ensures that no single entity can unilaterally access funds, guaranteeing that users maintain control of their Bitcoin while benefiting from enhanced security and reduced technical burdens. Users instruct the keyholders to sign transactions, requiring a quorum of two out of the three keyholders to execute any movement of funds. This approach combines the strengths of self-custody multisig with the ease of third-party custody, without sacrificing user control.
Target Audience
The primary target audience includes individuals and institutions seeking secure Bitcoin storage solutions without the technical complexities of self-custody or the risks of single-party custodians.
Features
- Multi-Institution Custody: Bitcoin held in a vault controlled by three keys held by separate institutions (Onramp, BitGo, and Coincover).
- Quorum-based transaction signing: Any transaction requires signatures from two out of the three keyholders.
- User-initiated transactions: Only the user can instruct the keyholders to sign transactions, retaining full control.
- Best-in-class security: Leverages expert Bitcoin key management companies.
- Bitcoin IRA support