Onramp Treasury vs Unchained: Bitcoin Custody for Companies Compared
Jackson Mikalic | Head of Business Development
Published
Onramp Treasury, built on Multi-Institution Custody, and Unchained both protect a company's bitcoin with a 2-of-3 multisig. On Unchained, the company holds two of the three keys on its own hardware and Unchained holds one. On Onramp Treasury, the company holds no keys: Onramp, Tetra Trust and CoinCover protect the vault, it takes two of the three to move it, and nothing moves without the company's permission.
Facts last verified: November 3, 2026
Onramp Treasury, built on Multi-Institution Custody, and Unchained's business vaults both serve companies that hold bitcoin on the balance sheet. Both use a 2-of-3 multisig, both put the vault in the company's name, and both can be verified on-chain. The difference is who holds the keys. On Unchained, the company holds two keys itself and Unchained holds the third. On Onramp Treasury, the company holds none, and three institutions protect the vault. That one choice decides who manages hardware, what happens when someone leaves, and what the team has to do day to day.
This page compares the two using each company's own published information. Unchained facts come from Unchained's own site. Terms change, so confirm current details with each provider before you decide. Nothing here is financial, legal or tax advice.
Key Takeaways:
- Who holds the keys. Unchained uses collaborative custody: the company holds two of three keys and Unchained holds one. On Onramp Treasury, the company holds no keys at all.
- Who manages the hardware. On Unchained, the company keeps its two keys on hardware wallets, with backups, and replaces keys as people change. On Onramp Treasury, there are no hardware wallets, seed phrases, backups, or PINs to manage.
- Team controls on both. Unchained offers permissions for key holders and auditors, plus approval policies. Onramp has owner, admin and view-only roles, and an approval policy that can put a second person on withdrawals, with custom approval rules coming soon on Treasury.
- Pricing. Unchained's Signature for Business costs $7,500 a year or $2,000 a quarter, for up to 10 vaults. Opening an Onramp business account is free, and Onramp Treasury starts at $375 a month or $3,600 a year and scales with how much bitcoin the vault holds (business pricing), for up to 2 vaults, with 0.65% one-time buys.
- Track record. Onramp is the first Multi-Institution Custody platform. It holds $1B+ in bitcoin under Multi-Institution Custody, with 0 security incidents, and has a SOC 2 Type II report.
Onramp Treasury and Unchained at a Glance
| Onramp Treasury | Unchained (business vaults) | |
|---|---|---|
| Custody model | Multi-Institution Custody: a 2-of-3 multisig protected by three independent institutions | Collaborative custody: a 2-of-3 multisig (Unchained) |
| Keys the company holds | None | Two of the three (Unchained) |
| Who else secures a key | Onramp, Tetra Trust and CoinCover each secure a key offline, never on a consumer device | Unchained holds one key (Unchained) |
| Who can move the bitcoin | It takes two of the three institutions, and nothing moves without the company's permission | The company can move it with its two keys. Unchained can't move it alone (Unchained) |
| Hardware to manage | None | Hardware wallets for the company's two keys, plus their backups |
| Team roles | Owner, admin and view-only | Permissions for key holders and auditors (Unchained) |
| Withdrawal approvals | An approval policy can put a second person on withdrawals. Custom approval rules are coming soon | Approval policies with unique logins (Unchained); flexible quorums on Signature by request (pricing) |
| When someone with access leaves | Control follows the company's ownership documents from verification. No keys to replace | Key replacement when an employee leaves (Unchained) |
| Price | Business account free. Treasury starts at $375 a month or $3,600 a year and scales with bitcoin held (business pricing), plus a $500 onboarding fee when you activate Multi-Institution Custody | Signature for Business: $7,500 a year or $2,000 a quarter (pricing) |
| Vaults included | Up to 2 | Up to 10 (pricing) |
| Buying bitcoin | 0.65% one-time buys. No Onramp trading fee on recurring buys after the first purchase in each schedule | Preferred trading rates on Signature for Business; 1.0% standard on the Trading Desk (pricing) |
| On-chain verification | The vault is in the company's name and can be verified on-chain at any time | Multisig vault verifiable on-chain |
| Audit | SOC 2 Type II report | SOC 1 Type 2 and SOC 2 Type 2 (Unchained) |
| Companies outside the US | Accepted | No international accounts at this time, per Unchained's help center |
| Assets | Bitcoin only | Bitcoin only |
How Each Custody Model Works
Unchained. A business vault is a 2-of-3 multisig. The company holds two keys, usually on hardware wallets kept by people on the team, and Unchained holds the third. The company can move bitcoin with its own two keys. Unchained can't move it alone, and can help the company recover if it loses one of its keys (Unchained). The company stays responsible for its two keys: the devices, their backups, who holds them, and replacing them as people change.
Onramp Treasury, built on Multi-Institution Custody. Three institutions protect the company's bitcoin. No one of them can lose it, move it, or use it, and nothing moves without your permission. Multi-institution custody works like a bank vault that needs two keyholders to open: it takes two of the three (Onramp, Tetra Trust, and CoinCover) to move your bitcoin. Onramp, Tetra Trust, and CoinCover each secure a key offline, never on a consumer device, in a 2-of-3 multisig. The company never holds a key itself, so there are no hardware wallets, seed phrases, backups, or PINs to manage. The model is built to survive the failure of any one institution, including Onramp: the remaining two can still reach the quorum. Onramp is a custody solution, not a custodian.
Both are multisig. With Unchained, your business holds two of the three keys, so it can move its bitcoin without Unchained. Protecting, backing up and replacing those two keys falls on your own team. The question for a company is whether it wants its own people holding keys.
Team Controls and Approvals
Unchained offers permissions for key holders and auditors, and approval policies for its business vaults (Unchained).
Onramp gives every business account owner, admin and view-only roles, so an accountant, partner or board member can see what the company holds without being able to move it. An approval policy means one person starts a withdrawal and another approves it before it goes through, the same way many companies handle a wire. Custom approval rules, which let the company decide how many people have to approve, are coming soon to Onramp Treasury.
When People Change
On a collaborative vault, people on the team hold the company's keys. When a key holder leaves, the company replaces that key, and Unchained supports key replacement for that. It works well for a team that has someone comfortable running the process.
On Onramp Treasury, no one at the company holds a key. Control follows the ownership structure in the company's verification documents, not one person's device or password. If someone with access leaves or is no longer around, the company updates its users and keeps control. There's no key to rotate and no device to collect.
What Each Costs
| Onramp Treasury | Unchained Signature for Business | |
|---|---|---|
| Custody | Starts at $375 a month or $3,600 a year, and scales with bitcoin held | $7,500 a year or $2,000 a quarter |
| Setup | $500 onboarding fee when you activate Multi-Institution Custody | None listed; Signature includes expedited white-glove setup (pricing). Business applications are reviewed within 2 business days (help center) |
| Vaults | Up to 2 | Up to 10 |
| One-time buys | 0.65% | Preferred rates on Signature for Business; 1.0% standard |
| Hardware | None needed | Four hardware wallets included |
Unchained pricing as published on Unchained's pricing page, checked November 3, 2026. Opening an Onramp business account is free. Onramp Treasury starts at $375 a month and scales with how much bitcoin the vault holds; see business pricing. Larger treasuries can talk to our team about Onramp Enterprise.
To mark the launch, businesses that activate Onramp Treasury by December 31, 2026 will receive white-glove onboarding from Onramp's team and no onboarding fee. Inquire about a reduction in custody fees based on bitcoin trade volume.
Where Each Fits
Unchained may fit better if:
- the company wants to hold its own keys, and has someone on staff who's comfortable running hardware wallets, backups and key replacement;
- the company needs many vaults (Signature for Business includes up to 10);
- the team is bitcoin-native and sees holding keys as part of how it runs.
Onramp Treasury may fit better if:
- the company would rather no one on the team hold a key;
- the board, auditor or partners don't want the company's bitcoin to depend on devices kept by employees;
- the company wants owner, admin and view-only roles and withdrawal approvals in one account;
- the company also wants to buy bitcoin on the same platform, with 0.65% one-time buys and no Onramp trading fee on recurring buys after the first;
- the company wants a vault in its own name, verifiable on-chain, from a provider with $1B+ in bitcoin under Multi-Institution Custody;
- the company is based outside the US.
Self-custody and collaborative custody are strong choices for teams that want to hold their own keys. See Collaborative vs Multi-Institution Custody for a deeper look at the two models.
Moving a Company Vault From Unchained
A company can move its bitcoin from an Unchained vault to Onramp Treasury by sending it from the vault to the company's new Treasury vault. Our team walks you through it. The full steps are in How to Move Your Company's Bitcoin From Unchained or Casa to Onramp Treasury.
Frequently Asked Questions
What is the difference between Onramp Treasury and Unchained?
Both protect a company's bitcoin with a 2-of-3 multisig. On Unchained, the company holds two keys and Unchained holds one. On Onramp Treasury, built on Multi-Institution Custody, the company holds no keys: Onramp, Tetra Trust and CoinCover protect the vault, it takes two of the three to move it, and nothing moves without the company's permission.
Does my company hold keys with Onramp Treasury?
No. Onramp, Tetra Trust, and CoinCover each secure a key offline, never on a consumer device, in a 2-of-3 multisig. The company never holds a key, a seed phrase or a hardware wallet.
What happens when an employee who holds a key leaves?
On Unchained, the company replaces that key, and Unchained supports key replacement. On Onramp Treasury, no employee holds a key. Control follows the company's ownership documents from verification, so the company removes that person's access and keeps control.
Is Onramp an Unchained alternative for businesses?
Yes. Onramp Treasury, built on Multi-Institution Custody, is a business vault in the company's name for companies that would rather not hold keys themselves. It includes owner, admin and view-only roles and withdrawal approvals, with custom approval rules coming soon.
How do Onramp Treasury and Unchained fees compare?
Opening an Onramp business account is free. Onramp Treasury starts at $375 a month or $3,600 a year and scales with how much bitcoin the vault holds, plus a $500 onboarding fee when you activate Multi-Institution Custody (waived through Dec 31, 2026), with 0.65% one-time buys. Unchained Signature for Business costs $7,500 a year or $2,000 a quarter for up to 10 vaults, with preferred trading fees.
Can our accountant or auditor see the company's bitcoin?
On Onramp, yes. Add them as a view-only user. The Treasury vault is in the company's name and can be verified on-chain at any time. Our SOC 2 Type II report is available under NDA through the Trust Center. Unchained offers auditor permissions on its business vaults.
Can we move our company's bitcoin from Unchained to Onramp?
Yes. Activate Onramp Treasury, and our team walks you through moving the bitcoin from your Unchained vault into your company's new vault. See How to Move Your Company's Bitcoin From Unchained or Casa to Onramp Treasury.
Go Deeper
- Onramp for business
- What is Multi-Institution Custody?
- Collaborative vs Multi-Institution Custody
- Who holds the keys in multi-institution custody
- How to Move Your Company's Bitcoin From Unchained or Casa to Onramp Treasury
- Best Bitcoin Business Accounts in 2026
- Onramp Business vs River
- Onramp vs Unchained (for individuals)
- Onramp Trust Center
- CTA: Schedule a consultation · Open a business account
Sources: Unchained (checked November 3, 2026)
| Fact | Source |
|---|---|
| 2-of-3 collaborative custody; company holds two keys, Unchained one; Unchained can't move funds alone and can help recover a lost key; permissions for key holders and auditors; approval policies; key replacement when an employee leaves | unchained.com/business-vaults |
| Signature for Business $7,500/yr prepaid or $2,000/quarter; up to 10 vaults (business, trust, IRA); four premium hardware wallets; preferred trading fees; flexible quorums by request; expedited white-glove setup; dedicated relationship manager; Trading Desk 1.0% flat fee | unchained.com/pricing |
| No international accounts at this time | help.unchained.com |
| SOC 1 Type 2 and SOC 2 Type 2 | unchained.com/blog, "Unchained completes SOC 1 & 2 certifications" (first published Feb 8, 2023) |
| Business application review within 2 business days | help.unchained.com, "How do I set up my Unchained business account?" |