Brian Cubellis, Chief Strategy Officer at OnRamp, and client and marketing advisor Bradley Chambers discuss OnRamp's comprehensive white paper on the evolution of Bitcoin custody. The episode traces custody from its earliest historical forms through to the modern challenge of securing a digital bearer instrument like Bitcoin, where private key loss means permanent, irrecoverable loss of funds. Cubellis explains why Bitcoin's unique properties make custody the most important consideration for institutional allocators, and why single-entity custodians—whether exchanges or traditional custodians—carry unacceptable risk. The conversation details how OnRamp's 2-of-3 multi-sig quorum structure with BitGo, CoinCover, and Tetra Trust fundamentally shifts the incentive structure to protect client assets across multiple independent institutions.