Onramp Secures $12.5M Series A to Expand Bitcoin Custody Platform for Institutions

Onramp, a bitcoin financial services firm based in Austin, has raised $12.5 million in a Series A funding round led by Early Riders, valuing the company at $135 million.

The new capital will accelerate the expansion of Onramp Finance, the firm’s recently launched platform integrating bitcoin custody, brokerage, and cash management. Since its founding in 2023, Onramp has maintained over $1 billion in assets under custody with zero security incidents.

Onramp’s Multi-Institution Custody (MIC) Model

At the core of Onramp’s strategy is its Multi-Institution Custody (MIC) model, which distributes key control across multiple regulated custodians—including BitGo, Coincover, and Tetra Trust—rather than relying on a single entity or placing full responsibility on clients. This approach aims to eliminate single points of failure while ensuring assets remain verifiable on-chain.

The model addresses a long-standing tradeoff in digital asset custody: centralized platforms with counterparty risk versus self-custody setups requiring technical expertise. Onramp positions MIC as a balanced solution that mitigates risk without sacrificing transparency.

Institutional Adoption and Endorsements

Institutional interest in Onramp’s model is growing. The UK pension fund Cartwright has selected Onramp as its bitcoin custodian, while the Bitcoin Policy Institute has endorsed multi-party custody frameworks for potential state-level bitcoin reserves.

A Full Bitcoin Financial Stack

Onramp’s CEO, Michael Tanguma, outlined the company’s vision to build a comprehensive financial stack around bitcoin. Since launching Onramp Finance in April, the platform now offers:

• Brokerage services across all 50 U.S. states
• Cash accounts with rewards
• A payments card
• Bitcoin IRAs
• Access to gold

All features are accessible within a single interface.

Investor Perspective and Strategic Hires

Early Riders partner Liam Nelson emphasized the firm’s commitment to establishing MIC as an industry standard, stating that custody design will shape the next phase of bitcoin adoption.

Onramp also appointed David Thayer, a former Blackstone partner, as a strategic advisor. Thayer brings deep experience in infrastructure investing, supporting Onramp’s push into traditional finance.

Funding Allocation and Future Plans

The $12.5 million Series A will be split between product development and distribution. Key initiatives include:

• Engineering: Expanding the platform and preparing custody infrastructure for licensing to other regulated custodians.
• Commercial: Scaling sales efforts and developing white-label solutions for financial institutions seeking to integrate bitcoin services.

Onramp’s leadership believes that as bitcoin becomes a staple in broader investment portfolios, custody will emerge as a critical concern. The company is positioning its architecture as a foundational solution for institutions seeking exposure without assuming concentrated risk.