Onramp Launches Innovative Multisig Bitcoin Custody Platform: Setting a New Standard in the Industry

Bitcoin asset management firm Onramp has recently announced the launch of their new multisig custody platform, aiming to revolutionize the way bitcoins are stored and managed in the industry. With traditional bitcoin storage methods posing significant challenges for institutions and individual investors, Onramp’s innovative solution promises to bridge existing gaps and set a new standard in the field.

The self-custody approach, favored by some due to its direct control, is not without its flaws. Technical complexities and potential security issues often deter users from considering this option seriously. On the other hand, centralized custodial options come with their own set of risks, leaving many investors hesitant to entrust their assets to a single entity.

To address these concerns, Onramp has partnered with BitGo, Coincover, and Kingdom Trust to create a solution that combines the best of both worlds. Their aim is to cater to institutional allocators, financial intermediaries, and high net worth individuals, offering a trust-minimized custodial solution. By doing so, the company aims to eliminate traditional single points of failure that arise from relying on one entity with custody.

At the core of Onramp’s strategy is their Multi-Institution Custody solution, which leverages the proven multisig capabilities of bitcoin. This approach establishes institutional-grade vaults controlled by three distinct institutional key holders: BitGo Trust, Kingdom Trust, and Coincover. In order to access funds in these vaults, authorization from at least two of the three keys is required, ensuring that no single entity holds unilateral control over the assets.

BitGo, Inc. brings a wealth of expertise in digital asset infrastructure to the partnership, while Kingdom Trust holds the distinction of being the first Qualified Custodian to handle bitcoin. Coincover, a recognized blockchain protection company, rounds out the team. With this lineup, Onramp’s Multi-Institution Custody solution offers top-tier bitcoin custody while minimizing the necessary trust for each institutional key holder involved.

The timing of this solution is crucial as more and more institutions hesitate to entrust their bitcoins to a single custodian. With Onramp’s offering, the challenges associated with traditional bitcoin custody methods are eliminated, making it easier for institutional capital allocators to access the cryptocurrency.

In addition to their flagship custody offering, Onramp boasts a suite of products and services tailored to various investors. Their Bitcoin Custody service, for example, assists both new and existing bitcoin holders, while their Bitcoin Fund provides traditional investment access to bitcoin. Onramp’s focus is on combining bitcoin’s inherent properties with the benefits of institutional-grade custody, making it a comprehensive solution provider in the crypto space.

In conclusion, Onramp’s new multisig custody platform demonstrates the firm’s commitment to addressing the challenges faced by both institutions and individual investors in the storage and management of bitcoins. By partnering with industry leaders and leveraging the proven capabilities of bitcoin’s multisig technology, Onramp aims to set a new standard in the field and make institutional capital allocation into cryptocurrency more accessible and secure.