Onramp, a leading bitcoin asset management firm, has unveiled their new multisig custody platform, aiming to revolutionize the way bitcoins are stored and managed. The traditional methods of bitcoin storage present challenges for both institutions and individual investors, such as technical complexities and potential security risks. On the other hand, centralized custodial options have their drawbacks as well. In order to address these concerns, Onramp has partnered with BitGo, Coincover, and Kingdom Trust to offer a solution that combines the advantages of both self-custody and centralized custodial options. Their trust-minimized custodial solution is designed to cater to institutional allocators, financial intermediaries, and high net worth individuals, and aims to eliminate the single points of failure associated with trusting one entity with custody.
Central to Onramp’s strategy is their Multi-Institution Custody solution, which utilizes the multisig capabilities of bitcoin. They have established institutional-grade vaults controlled by three distinct institutional key holders: BitGo Trust, Kingdom Trust, and Coincover. Access to the funds in these vaults requires authorization from at least two of the three keys, ensuring that no single entity has unilateral control over the assets. By working with top-tier entities in bitcoin custody, Onramp minimizes the necessary trust for each institutional key holder. This solution comes at a crucial time when institutions are hesitant to entrust their bitcoins to a single custodian.
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