Onramp, a Texas-based Bitcoin-only financial services firm, has launched an institutional-grade custody platform designed to safeguard large-scale Bitcoin holdings with multisignature (multisig) security across multiple jurisdictions. The platform enables institutions, trusts, and high-net-worth individuals to access full-reserve Bitcoin banking services, including IRAs, trusts, bitcoin-backed loans, inheritance planning, and tax-advantaged accounts.
Founded in 2022 by former Google and Unchained Capital executive Michael Tanguna, Onramp operates globally—excluding U.S.-sanctioned countries such as Venezuela and Iran—and currently manages billions in assets under custody with a lean team of 25 employees.
A 21st-Century Bitcoin Bank
Onramp positions itself as a modern Bitcoin bank, leveraging the security and programmability of Bitcoin to offer services traditionally available only through legacy financial institutions. Central to its approach is the use of multisig transactions, which require multiple independent signatures to authorize a transfer of funds.
“Multisig accounts are like shared accounts in traditional banks, except they’re secured by mathematics and cryptography rather than lawyers or accountants,” Tanguna explained. “This allows us to distribute custody across jurisdictions, making Bitcoin holdings resilient to political risks, wars, or natural disasters.”
The system enhances transparency and security, allowing balances to be publicly audited through a full Bitcoin node or blockchain explorer—capabilities impossible in conventional banking.
Multi-Institutional Custody Model
Onramp’s platform integrates three independent custodians across different countries: BitGo in the U.S., Tetra Trust in Canada, and CoinCover in the U.K. This multi-institutional approach mitigates the risks associated with single points of failure, including hardware malfunctions, cyberattacks, or regulatory complications in any one nation.
By comparison, most Bitcoin users still rely on single points of custody, such as hardware wallets like Ledger or Trezor, or centralized exchanges such as Coinbase. According to Tanguna, “Half of Bitcoin’s $2 trillion market cap sits on hardware wallets, with Coinbase and Ledger controlling the majority of custodial holdings. For Bitcoin to scale toward $20 trillion or beyond, we need institutional-grade solutions.”
Market Context and Institutional Adoption
The launch of Onramp’s platform comes amid growing institutional interest in Bitcoin, with the market seeking solutions that combine regulatory compliance, security, and operational efficiency. With Bitcoin’s market cap hovering around $2 trillion, robust custody solutions are critical for enabling institutions to deploy significant capital safely while adhering to fiduciary obligations.
Onramp’s offerings extend beyond security: clients can access financial products such as Bitcoin-backed lending, retirement accounts, and trust services, integrating digital assets into traditional financial structures. This positions Onramp as a bridge between legacy finance and the emerging Bitcoin economy.
Strategic Implications and Future Outlook
By combining multisig security, multi-jurisdictional custody, and institutional-grade financial services, Onramp aims to redefine Bitcoin wealth management. Analysts anticipate that as institutional adoption grows, platforms offering secure, scalable custody solutions will play a pivotal role in supporting Bitcoin’s long-term market expansion.
Tanguna envisions a future where Bitcoin’s market cap reaches tens of trillions, emphasizing that scalable custody solutions will be essential for managing and safeguarding this wealth. “The next $200 trillion of Bitcoin wealth requires rethinking custody and financial services for a decentralized future,” he noted.
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