Funding Overview: $12.5M Series A, $135M Valuation
Austin-based bitcoin financial services firm Onramp has raised $12.5 million in a Series A funding round led by Early Riders, valuing the company at $135 million. The company told Bitcoin Magazine that it now holds more than $1 billion in assets under custody and has recorded zero security incidents since its founding in 2023. The new capital will support expansion of Onramp Finance, its recently launched platform that combines bitcoin custody, brokerage, and cash management, while funding new partnerships across banks, registered investment advisors, and fintech firms.
Multi-Institution Custody (MIC) Model: Eliminating Single Points of Failure
At the heart of Onramp's strategy is its Multi-Institution Custody (MIC) model, which distributes key control across several regulated custodians instead of relying on a single entity or placing full responsibility on clients. The system is built with partners including BitGo, Coincover, and Tetra Trust, enabling shared control structures that can span jurisdictions. This approach targets a long-standing trade-off in digital asset custody: investors have often had to choose between centralized platforms with counterparty risk and self-custody setups requiring technical expertise and operational oversight. Onramp positions MIC as a middle path that removes single points of failure while keeping assets verifiable on-chain.
Institutional Traction and Partnerships
Onramp's institutional traction has begun to build. UK pension fund Cartwright has selected Onramp as custodian for its bitcoin allocation, while the Bitcoin Policy Institute has endorsed multi-party custody frameworks for potential state-level bitcoin reserves. These examples demonstrate that the MIC model is gaining recognition in both traditional finance and public policy circles. Additionally, Onramp has named former Blackstone partner David Thayer as a strategic advisor, bringing expertise in infrastructure investing to deepen engagement with traditional finance.
Onramp Finance: Building a Full Bitcoin Financial Stack
Chief executive Michael Tanguma said the company aims to build a full financial stack around bitcoin, including lending, retirement accounts, and treasury management tools. The firm launched Onramp Finance in April, offering brokerage services across all 50 states, cash accounts with rewards, a payments card, bitcoin IRAs, and access to gold within a single interface. This platform aims to integrate multiple financial needs into a compliant, user-friendly digital environment, making it easier for both institutions and individuals to manage bitcoin assets.
Use of Funds: Product Development and Distribution Expansion
Onramp plans to split the new funding between product development and distribution. On the engineering side, it will continue building out its platform and prepare its custody infrastructure for licensing to other regulated custodians. On the commercial side, it will expand sales efforts and develop white-label offerings for financial institutions seeking to integrate bitcoin services. Early Riders partner Liam Nelson said the firm backed Onramp to help establish MIC as a standard across the industry, arguing that custody design will shape the next phase of bitcoin adoption. As bitcoin enters broader portfolios, custody is becoming a primary concern, and Onramp is positioning its architecture as a foundation for that shift, aiming to extend its model across institutions that want exposure without concentrated risk.