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First-ever multi-sig spot bitcoin trust launched by Onramp Bitcoin

Onramp Bitcoin has launched a new spot Bitcoin trust product that offers multi-party custody. This product is designed for high-net-worth individuals, corporations, and institutions who want to invest in Bitcoin. The Trust product uses three institutional-grade key holders, Kingdom Trust and Unchained Capital, to ensure that the custody of client Bitcoin has no single point of failure. The multi-signature setup requires a quorum to move funds, providing exposure to Bitcoin without the tradeoffs of full third-party custody.

Onramp Bitcoin's solution addresses the limitations of existing Bitcoin fund vehicles, such as single-point-of-failure custody, taxable events on withdrawal, and lack of Bitcoin focus and education. The trust will have a "Bitcoin-only focus with a commitment to education and advisory services to help clients excel during periods of volatility." Additionally, the product will offer segregated accounts that can take possession of the underlying bitcoin without incurring a taxable event.

Onramp Bitcoin is the first trust to use a multi-signature setup, exposing clients to Bitcoin without needing full self-custody. The product is tailored to those who want to invest in Bitcoin but are not yet ready to take on the responsibility of full self-custody. The trust also intends to offer clients a more secure and reliable option for investing in Bitcoin, with three institutional-grade key holders and no single point of failure in custody.

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