Custody Demand, AI Vulnerabilities and Digital Asset Deals
October 27, 2026
This Onramp Media episode of Final Settlement discusses bitcoin custody, MPC versus multisig, the OCC's final GENIUS Act stablecoin rule and AI-driven security vulnerabilities. The hosts also cover reported deals such as Visa and Fireblocks and Standard Chartered and Zodia Custody. The views are the hosts' own, not Onramp's.
The Final Settlement hosts, including Michael and Brian, discuss where bitcoin holders keep their bitcoin and Michael's argument that custody and financial services built for larger balances are an opportunity. They cover Black October, when AI reportedly found a long-known PHP flaw and a wave of critical vulnerabilities, and the Pentagon's Fortress America plan for bases to run 90 days without civilian power. Also on the agenda: a thought experiment on lab-made and asteroid gold, a rumored Visa deal for Fireblocks, the OCC's final GENIUS Act stablecoin rule, AI agents inside bank accounts, Standard Chartered's agreement to buy Zodia Custody, Mastercard Agent Pay, OpenAI's valuation and Anthropic's S-1. Views are the hosts' own, not Onramp's.
Chapters
00:00 - Is the internet down? Critical infrastructure under strain 05:31 - A Thought Experiment on Lab-Made Gold and Bitcoin 08:18 - Visa and Fireblocks: the rumored $2.5B deal 12:20 - MPC vs. Multisig and Custody Company Valuations 22:27 - The OCC finalizes its GENIUS Act stablecoin rule 28:10 - AI agents inside bank accounts 29:02 - Standard Chartered signs to buy Zodia Custody 30:47 - DekaBank, Mastercard Agent Pay and Bitcoin as internet money 34:05 - Black October: PHP and a wave of critical vulnerabilities 37:38 - The Hosts on Moats and a Flatter World 43:23 - The Pentagon's Fortress America: 90 days off grid 48:39 - OpenAI at $1.4T and Anthropic's S-1 54:26 - Neocloud Debt and Big Tech AI Spending 59:22 - Single Point of Failure Segment and the Custody Discussion 01:03:53 - a16z drops "crypto" from its new fund name
Frequently Asked Questions
What do the hosts say about MPC and multisig?
At 12:20 the hosts compare MPC and multisig approaches to securing bitcoin and discuss why custody companies command high valuations. These are the hosts' views, not investment advice or a description of Onramp's services.
What is the reported Visa and Fireblocks deal?
At 08:18 the hosts discuss a rumored Visa acquisition of Fireblocks at a steep discount to its 2022 valuation. It is presented as a report and rumor rather than a confirmed transaction.
What does the episode say about the GENIUS Act?
At 22:27 the hosts cover the OCC finalizing its GENIUS Act stablecoin rule, and later cover Mastercard Agent Pay and AI agents inside bank accounts (28:10, 30:47).
What was Black October?
At 34:05 the hosts discuss Black October, a stretch in which AI reportedly found a long-known PHP flaw and a wave of critical vulnerabilities, and the Pentagon's plan for bases to run 90 days off grid (43:23).
This episode is editorial and educational content. Onramp does not provide tax, legal, or investment advice. Bitcoin is volatile and may lose value. Past performance does not guarantee future results.