Foundation's Zach Herbert on Self-Custody
October 10, 2026
In this First Principles episode from Onramp Media, Cam Stromme talks with Foundation CEO Zach Herbert about open source, the state of self-custody and why Foundation no longer calls Passport Prime a hardware wallet. Zach argues self-custody is still early and that important keys belong off the phone in an age of AI agents.
Zach Herbert has been a Bitcoiner since 2013, from air-gapped laptops running Armory to selling hardware wallets on OpenBazaar, and he started Foundation on the first day of the 2020 lockdowns. He tells Cam why he believes open source matters more for Bitcoin than for any other kind of money, why he sees it as free market capitalism rather than charity, and his view of how large custodians operate. Zach argues the industry has been judging self-custody devices on the wrong things, explains how the KeyOS microkernel gives every app its own sandbox and its own key, and walks through the design choices behind Passport Prime. He makes the case that self-custody has not yet crossed the chasm, why Foundation now calls Passport Prime human authority hardware, and why he thinks everyone needs a root of trust outside the reach of their phone and their AI agents. They close on the steps Zach takes to lock down email and accounts, documenting a setup, and planning for inheritance.
Chapters
00:00 - Foundation, Asimov and Zach Herbert 02:56 - Why Zach started Foundation in 2020 06:50 - Why Bitcoin demands open source 18:26 - Zach's view of how custodians operate 25:01 - The state of self-custody 25:51 - Zach on how self-custody hardware gets judged 30:59 - Moving beyond a single block of code 35:23 - How a microkernel protects your keys 43:19 - Designing a device you want to pick up 49:36 - Why ease of use matters for security 52:17 - Dice rolls and complex setups 55:42 - Zach on whether self-custody has crossed the chasm 57:32 - Not a hardware wallet anymore 1:01:30 - A root of trust for your digital life 1:07:50 - When your AI agent sees your 2FA codes 1:09:54 - Zach's one step to improve security 1:13:33 - Zach on documenting a self-custody setup 1:19:00 - Zach on why two hot keys is a dealbreaker for him
Frequently Asked Questions
Why does Zach Herbert say bitcoin demands open source?
At 06:50 Zach makes the case that open source matters more for bitcoin than for any other kind of money, and describes it as free market capitalism rather than charity.
Why does Foundation no longer call Passport Prime a hardware wallet?
At 57:32 Zach explains that Foundation now calls Passport Prime human authority hardware, a root of trust for your digital life that sits outside the reach of your phone.
What self-custody security steps does Zach discuss?
From 1:09:54 Zach shares the step he takes to improve his security, then talks about documenting a self-custody setup at 1:13:33 and planning for inheritance.
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.