Onramp Raises $12.5M Series A To Scale Multi-Institution Bitcoin Custody Platform
Onramp Secures $12.5 Million in Series A Funding to Expand Bitcoin Custody Services
Bitcoin financial services firm Onramp has successfully raised $12.5 million in a Series A round led by Early Riders, valuing the company at $135 million. The funding will support the scaling of Onramp’s custody model designed to meet institutional standards.
Onramp, based in Austin, now holds over $1 billion in assets under custody and has maintained a spotless security record since its establishment in 2023. The latest capital infusion will fuel the growth of Onramp Finance, a recently launched platform offering a combination of bitcoin custody, brokerage, and cash management services. Additionally, the funds will be used to establish new partnerships with banks, registered investment advisors, and fintech companies.
The cornerstone of Onramp’s strategy is its Multi-Institution Custody (MIC) model, which leverages multiple regulated custodians to distribute key control, eliminating single points of failure and enhancing security. Collaborating with partners like BitGo, Coincover, and Tetra Trust, Onramp’s MIC system enables shared control structures that can operate across various jurisdictions.
Traditionally, investors have faced a dilemma between centralized platforms with inherent risks and self-custody solutions requiring technical expertise. Onramp’s MIC model offers a middle ground by removing single points of failure while ensuring assets remain verifiable on-chain.
The company has started to gain institutional traction, with UK pension fund Cartwright selecting Onramp as its bitcoin custodian. The Bitcoin Policy Institute has also endorsed multi-party custody frameworks for potential state-level bitcoin reserves.
Building a Comprehensive Financial Ecosystem Around Bitcoin
CEO Michael Tanguma envisions building a complete financial stack around bitcoin, encompassing lending, retirement accounts, and treasury management tools. Onramp Finance, launched in April, offers brokerage services nationwide, cash accounts with rewards, a payments card, bitcoin IRAs, and access to gold within a unified interface.
Early Riders partner Liam Nelson believes that establishing MIC as an industry standard is crucial for the next phase of bitcoin adoption. The new funding will be allocated towards product development and distribution, with a focus on expanding platform capabilities and preparing custody infrastructure for licensing to other regulated custodians.
Onramp has appointed former Blackstone partner David Thayer as a strategic advisor, bringing expertise in infrastructure investing to the team as they seek to deepen engagement with traditional finance players.
As bitcoin gains broader acceptance in investment portfolios, custody solutions are becoming increasingly vital. Onramp’s architecture is positioned to cater to this growing demand, offering a secure foundation for institutions seeking exposure to bitcoin without concentrated risks.
