Onramp Launches Innovative Insured Bitcoin Custody Solution

Onramp, a pivotal player in Bitcoin custody, has introduced Onramp Insured Protection. This new custody solution aims to transform asset safety standards with its unique feature of multi-institution oversight and insured segregation.

In collaboration with Coincover, Onramp now assures an unprecedented level of security by partnering with renowned insurers Lloyd's of London and MunichRe. This structure not only segregates client wallets but also diversifies asset protection across several institutions, heightening overall safety and resilience in Bitcoin custody.

The integrated feature, Protected CoSigning by Coincover, fortifies this solution against human errors and phishing via its proprietary Risk Engine. This ensures transactions meet stringent, collectively drafted security criteria before execution.

Michael Tanguma, CEO at Onramp, emphasized the substantial potential for capital influx, previously sidelined, into the burgeoning Bitcoin sector. He highlighted the strategic redundancies and fault tolerance mechanisms spanning multiple top-tier financial institutions provided by this service.

Mitch Kochman, Chief Revenue Officer, remarked on the peace of mind this innovative insured custody solution offers clients, assuring enhanced security against common failures encountered with traditional exchanges and custody services.