TechFlow News, May 14: According to Axios Pro, Bitcoin multi-signature custody platform Onramp has closed a $12.5 million Series A funding round, with a pre-money valuation of $135 million. The round was led by Early Riders, with additional capital coming from Onramp’s private clients and external angel investors.
Onramp employs a multi-institutional co-custody model requiring approvals from multiple parties before Bitcoin can be transferred. Its custodial partners include BitGo, Coincover, and Tetra Trust. Its primary clientele consists of high-net-worth individuals and family offices. The company is also developing its financial services platform, Onramp Finance, which offers Bitcoin brokerage, cash accounts, spend cards, Bitcoin IRAs, and gold access. Onramp has partnered with Bridge, a Stripe subsidiary. Looking ahead, the company plans to license its custody infrastructure to banks, fintech firms, and exchanges.
