AUSTIN, Texas, April 14, 2023 (Newswire.com) - Today Onramp launches Onramp Bitcoin, the very first spot Bitcoin trust product that utilizes a multi-party custody solution leveraging three institutional grade key holders, including a qualified custodian, to ensure that custody of client assets has no single point of failure.
Given the increase of insolvencies, exchange hacks, and misappropriation of funds in the digital asset world, segregated custody is at the forefront of everyone's mind when considering allocating capital to this emerging asset class.
There are a number of solutions that exist. Some rely on a single institution holding the asset, while others provide a 'paper' version that sacrifices most of the attractive properties of Bitcoin while retaining all the risk of relying on a single custodian. Still, others stick to the ethos of 'not your keys, not your coins', but require you to hold what's effectively a hardware device underneath your mattress, leaving much to be desired for institutions and HNWI looking for a solution.
Enter Onramp, the first multi-party custody solution leveraging a qualified custodian among the three institutional partners with their own enterprise-grade security, requiring a quorum to move funds. Onramp is designed for HNWI, Family Offices, Investment Funds, Corporations, and Institutions that want exposure to bitcoin without any tradeoffs but are not yet ready to take on the responsibility of self-custody.
There are Bitcoin fund vehicles out there, but they fall short in three key ways:
- Custody with a single point of failure
- Taxable event on withdrawal
- Lack of Bitcoin focus and education
The Bitcoin landscape deserves better. Onramp delivers:
- All the properties of Bitcoin without any of the tradeoffs. Cold-storage multi-party custody in segregated accounts with the ability to take possession of the underlying asset without incurring a taxable event.
- Bitcoin-only focus with a commitment to education and advisory services to help clients excel during periods of volatility.
The Onramp team:
For the first time in the digital asset space, the operating and advisory team at Onramp has experience in both traditional finance and Bitcoin-native finance. With a wide range of expertise in management consulting, financial services, and asset management from notable firms like BNY Mellon, Greenlight Capital, Unchained Capital, & Bain & Co, Onramp is equipped to provide best in class services for the next generation of bitcoin financial services.
About Onramp
Onramp builds institutional-grade bitcoin financial service products for HNWIs, Institutions, and Corporations looking for best in class custody and education. Based in Austin, TX and founded in 2022, Onramp is a financial services leader with a mission to build Bitcoin financial products that provide long term custody infrastructure without sacrificing usability. Learn more at onrampbitcoin.com
Contact Information:Jesse Myers
COO
[email protected]
646-893-8651
Michael Tanguma
CEO
[email protected]
646-893-8651
Original Source: Onramp Bitcoin Launches the Very First Spot Bitcoin Trust Product Leveraging Multi-Party Custody With a Qualified Custodian
