Six Questions Investors and Advisors Ask About Onramp
Jackson Mikalic | Head of Business Development
Published
With Multi-Institution Custody, each client's bitcoin sits in its own segregated vault, titled in the client's name and never pooled. Three institutions protect it: Onramp, BitGo, and CoinCover. No one of them can lose it, move it, or use it, and nothing moves without the client's permission. The bitcoin is not on Onramp's balance sheet, so it would not be part of an Onramp bankruptcy. Clients never hold a key.
These answers cover Multi-Institution Custody. Finance accounts hold bitcoin at BitGo, a qualified custodian.
Is my bitcoin in a pooled account?
No. Your bitcoin sits in its own segregated vault on the bitcoin network, titled in your name and never pooled with anyone else's. You can see that vault on any block explorer, at any time.
Read more: What Happens to Your Bitcoin if Onramp Goes Away?
What happens to my bitcoin if Onramp goes away?
Your bitcoin is still yours, and you can still get to it. It is not an asset on Onramp's balance sheet, so it would not be part of an Onramp bankruptcy estate. Onramp is also legally required to provide signing services even through bankruptcy proceedings. If Onramp can't act, BitGo and CoinCover can carry out a documented recovery process with you, after a defined waiting period, without Onramp.
Read more: What Happens to Your Bitcoin if Onramp Goes Away?
Do I have agreements with BitGo and CoinCover, or only with Onramp?
You accept each institution's terms. When you activate Multi-Institution Custody, you accept BitGo's and CoinCover's terms of service as steps in the same setup, alongside Onramp's Terms of Service. Business vaults on the standard roster use Tetra Trust's terms in place of BitGo's.
Read more: How do I activate Multi-Institution Custody?
Do I hold a key?
No. Onramp, BitGo, and CoinCover each secure a key offline, never on a consumer device, in a 2-of-3 multisig. You never hold a key yourself, so there are no hardware wallets, seed phrases, backups, or PINs to manage.
Read more: Do I Hold a Key with Onramp?
Can Onramp move my bitcoin without me?
No. It takes two of the three institutions to move your bitcoin, and nothing moves without your permission. Each Multi-Institution Custody withdrawal is confirmed with you on video calls, one with Onramp and one with BitGo, before it goes out.
Read more: How Onramp Withdrawals Work and How Long They Take
How do I withdraw, and how long does it take?
Start the request in your dashboard, pass a liveness check, and confirm it on two recorded video calls, one with Onramp and one with BitGo. For Multi-Institution Custody, your bitcoin is on its way within 24 to 48 hours on business days, unless you've set an optional Guardian delay. Onramp charges no withdrawal fee; you pay only the bitcoin network fee.
Read more: How Onramp Withdrawals Work and How Long They Take