Onramp, a firm specializing in Bitcoin asset management, has introduced a multisig custody platform.
Storing Bitcoin has been a complex issue for both institutions and individual holders. Some prefer self-custody for control, while others are concerned about its technical intricacies and security risks while centralized custodial options have their own vulnerabilities.
To address these concerns, Onramp has partnered with BitGo, Coincover, and Kingdom Trust to create a solution. Their approach is designed for institutions, financial intermediaries, and high net worth individuals, offering a trust-minimized custodial solution that reduces the risk of single points of failure.
At the core of Onramp's strategy is its Multi-Institution Custody solution. By utilizing the multisig capabilities of Bitcoin, they have established vaults controlled by three distinct institutional key holders: BitGo Trust, Kingdom Trust, and Coincover.
Access to these vaults requires authorization from at least two of the three keys, ensuring that no single entity has absolute control over the assets.
BitGo, Inc. is a prominent player in digital asset infrastructure, Kingdom Trust is the first Qualified Custodian for Bitcoin, and Coincover specializes in blockchain protection.
Onramp's Multi-Institution Custody solution, utilizing multisig, improves trust among key institutional stakeholders.
This solution addresses concerns among institutions that are hesitant to rely on a single custodian for their Bitcoin. Onramp's offering simplifies access to funds for institutional capital allocators by eliminating the challenges associated with traditional custody methods.