Onramp raised $12.5 million in a Series A round led by Early Riders, valuing the bitcoin financial company at $135 million as it pushes to expand its storage model to meet institutional standards.
The Austin-based company said Bitcoin Magazine now has over $1 billion in assets in custody and has recorded zero security incidents since its inception in 2023. support the expansion of Onramp FinanceHis platform recently launched that combines the storage of bitcoin, brokerage, and money management, while funding new partnerships across banks, registered financial advisors, and fintech companies.
At the heart of this process is Onramp’s Multi-Institution Custody (MIC) model, which distributes key custodianships between multiple custodians instead of relying on a single organization or delegating all responsibility to customers. The system is made up of partners including BitGo, Coincover, and Tetra Trust, which allows for the creation of control units that can go beyond the limit.
This process requires a long-term exchange for digital preservation. Marketers often have to choose between centralized platforms that have peer-to-peer risk and defenses that require technical expertise and performance management. Onramp places the MIC as a central mechanism that eliminates single failures and keeps assets to be verified on the chain.
Institutional traction has begun to follow. UK pension fund Cartwright chosen ones Onramp as the regulator of its bitcoin sector, while the Bitcoin Policy Institute has approved a multi-party system to maintain the bitcoin standard.
Bitcoin investment through Onramp
Chief Executive Officer Michael Tanguma said the company wants to create all kinds of investments around bitcoin, including mortgages, retirement accounts, and wealth management tools. The company launched Onramp Finance in April, offering mortgage services in all 50 states, cash accounts with rewards, a debit card, bitcoin IRAs, and access to gold within a single interface.
Early Riders partner Liam Nelson said the company supported Onramp to help establish MIC as a standard across the industry, arguing that the coded design will revolutionize the next phase of bitcoin adoption.
The company plans to split the new investment between development and distribution. On the engineering side, Onramp will continue to develop its platform and prepare its storage devices to be licensed to other regulated operators. On the commercial side, it will expand sales efforts and create clean offerings for financial institutions that want to integrate bitcoin services.
Onramp also named former Blackstone partner David Thayer as a technical advisor, adding experience in social capital investing as it looks to engage more deeply with traditional finance.
The bet is that as bitcoin enters the mainstream, storage will become a bigger problem. Onramp is positioning its architecture as the foundation for this change, with the aim of expanding its model to organizations that want to be transparent without taking too much risk.
