Bitcoin custodian platform Onramp completes $12.5 million Series A funding, valued at $135 million

Onramp, a Bitcoin custody platform, has completed a $12.5 million Series A funding round at a pre-money valuation of $135 million. The round was led by Early Riders, of which Onramp CEO Michael Tanguma is also a partner. Onramp utilizes a multi-institutional joint custody model, requiring authorization from multiple custodians before Bitcoin assets can be transferred. Its partner custodians include BitGo, Coincover, and Tetra Trust. The company stated that its current clients are primarily high-net-worth individuals and family offices. In the future, it plans to open its custody infrastructure licensing services to banks, fintech companies, and exchanges, and expand its financial services to include corporate treasury tools, Bitcoin IRAs, payment cards, and cash accounts.