Onramp was built to combat this issue and pioneered multi-institution custody, which distributes bitcoin private keys across three entities, eliminating single-party points of failure. If one party becomes compromised, the remaining two parties can send funds to a new wallet with another 3rd partner. This custodial arrangement provides resilience and counterparty risk reduction that was never possible before bitcoin.

No compromise was made in building the foundation of Onramp’s multi-institution custody solution. Onramp holds the first key and provides the best verification of the client as they have the closest relationship with the client. BitGo provides the best bitcoin wallet technology in the industry and true cold storage to hold the second key. Lastly, Coincover provides best-in-class recovery services, having built their business as being the last line of defense in securing cryptographic material. Both BitGo and Coincover have cultivated their reputations by powering the industry for the last 10 years and their core competencies serve as the bedrock of our product.

Multi-institution custody will change this industry. I couldn’t sit on the sidelines having helped build the Onramp solution at BitGo knowing what was now possible. I needed to be a part of making multi-institution custody the standard, reducing counterparty risk and the associated fallout that can impact the Bitcoin ecosystem.

My job will be telling the world that a better solution for securing Bitcoin now exists and putting it in the most hands possible, ensuring everyone from the smallest retail participant to the largest ETF products are protected by better infrastructure. We have the opportunity to change the future of money and multi-institution custody will be the way we keep it safe. I couldn’t imagine anything I’d rather be working on.