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Onramp Introduces Onramp Insured Protection - the First Insured Multi-Institution Custody Solution for Bitcoin

Thursday, 18 April 2024 09:10 AM


Onramp Insured Protection, a segregated insured custody solution with multi-institutional oversight, set to redefine the standards of asset safety for clients.

DALLAS, TX / ACCESSWIRE / April 18, 2024 / Onramp, a leader in Bitcoin multi-institution custody solutions, unveils its latest improvement in Bitcoin custody; Onramp Insured Protection, a segregated insured custody solution with multi-institutional oversight, set to redefine the standards of asset safety for clients.

Onramp has partnered with Coincover to offer an industry leading level of security and assurance leveraging Lloyds of London and MunichRe. This approach not only ensures segregated client wallets but also that multiple institutions distribute and protect client assets-enhancing safety and bringing resiliency to Bitcoin custody.

The new custody solution incorporates Protected CoSigning by Coincover, leveraging the Coincover Risk Engine to provide additional insurance-backed protection against risks such as human error and phishing attacks. This feature ensures that no transaction can be signed and executed without collectively meeting the stringent security criteria established by Onramp and Coincover.

"Multi-institution custody represents a major step forward for the financial industry, opening up trillions of dollars in capital that has been on the sidelines, ready for exposure to the most important asset of the last decade. By integrating fault tolerance and redundancies across multiple world-class institutions, our clients can now invest in Bitcoin with the confidence that their assets are secure, significantly reducing the risk of their investment being wiped out due to choosing the wrong counterparty. With Protected Co-Signing with Coincover as a partner, we're pushing the boundaries even further with a maturing asset class. Leveraging Coincover's cutting-edge risk engine, key signing capabilities, and our partnership with Lloyd's of London, we are able to add a crucial layer of insurance to our already superior custodial solution." - Michael Tanguma, CEO at Onramp.

As the Bitcoin market matures into a key asset class for investors of all types, Onramp remains the industry leader by offering solutions catering to the needs of dedicated Bitcoin holders, high net-worth individuals, family offices, and institutional investors. The insured multi-institution custody not only provides enhanced security but also offers redundancy to safeguard against the common failures of exchanges and other custodial solutions.

"Onramp's insurance product with Coincover is designed to give our clients the peace of mind, knowing their assets are managed with the security of multi-institution custody and insured against unforeseen risks," added Mitch Kochman, Chief Revenue Officer at Onramp.

About Onramp

Onramp offers best-in-class financial products and solutions to onboard HNWI, Family Offices, and Institutions to Bitcoin the right way. With a focus on reducing counterparty risk through multi-institution custody and providing a straightforward way for clients to hold real Bitcoin, Onramp's innovative platform and commitment to security and client service make it the go-to choice for investors looking to secure an allocation to Bitcoin.

Contact Information

Michael Tanguma
[email protected]

SOURCE: Onramp


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