Bitcoin financial services firm Onramp has raised $12.5 million in a Series A funding round, bringing the company’s valuation to $135 million as it scales its institutional-grade custody platform. The round was led by Early Riders.
Early Riders partner Liam Nelson said the firm backed Onramp to help establish its Multi-Institution Custody (MIC) as a standard across the industry, arguing that custody design will shape the next phase of bitcoin adoption.
The Austin-based company’s strategy centers on its MIC model, which distributes control of private keys across several regulated partners, including BitGo, Coincover, and Tetra Trust. Onramp reports it holds more than $1 billion in assets under custody with zero security incidents since its 2023 founding.
Onramp’s model is designed to resolve the trade-off between the counterparty risk of centralized exchanges and the operational burden of self-custody. By removing single points of failure while keeping assets verifiable on-chain, the firm is targeting financial institutions and high-net-worth individuals seeking bitcoin exposure without concentrated risk. The new capital is earmarked for expanding its Onramp Finance platform, which already offers brokerage services, cash accounts, and bitcoin IRAs, and for developing white-label offerings for banks and fintech firms.
The approach has gained traction with institutions, with UK pension fund Cartwright selecting Onramp as its custodian and the Bitcoin Policy Institute endorsing the multi-party framework. To further its engagement with traditional finance, Onramp has also brought on former Blackstone partner David Thayer as a strategic advisor.
This article is for informational purposes only and does not constitute investment advice.
