How Onramp Onboarding Works: From Signup to Your Own Multi-Institution Vault
September 18, 2024
Onramp onboarding happens in two stages: first you onboard with Onramp (account details, identity verification via Persona with a video sample, order form, payment), then Onramp facilitates your direct onboarding with the other keyholding institutions in your vault, BitGo and CoinCover. Those institutional onboardings usually complete within the same business day, after which your Multi-Institution Custody vault is created and you get portal access.
This walkthrough covers the full Onramp onboarding process, step by step. Onboarding happens in two stages.
In stage one, you onboard directly with Onramp: review the terms of service, provide basic information as the account owner, complete your personalized Multi-Institution Custody order form, verify your identity through Persona with an in-app video verification sample, and set up payment.
In stage two, Onramp facilitates your onboarding directly with the other keyholding institutions in your vault's quorum, so you have a direct relationship with each of them: BitGo, where you sign the custodial services agreement (plus the trading services agreement where eligible) and schedule a video verification session with their client services team, and CoinCover, which completes automatically and sends a welcome pack explaining its role in your vault. These institutional onboardings are usually completed within the same business day.
Once every keyholding institution has onboarded you, Onramp creates your Multi-Institution Custody vault and opens your user portal. The result is a personal vault where no single institution, including Onramp, can move your bitcoin alone.
Frequently Asked Questions
How long does Onramp onboarding take?
The Onramp stage typically takes about 10 to 15 minutes of your time, and the institutional onboardings with BitGo and CoinCover are usually completed within the same business day. Your vault is created automatically once all keyholding institutions have onboarded you.
Do I onboard separately with BitGo and CoinCover?
Yes, and that is by design. Each keyholding institution in your vault's 2-of-3 quorum onboards you directly, so you have your own relationship with them rather than depending on Onramp as an intermediary. Onramp sends your documentation over and coordinates the steps.
Why does Onramp require video verification during onboarding?
The video verification sample recorded during onboarding becomes part of how future withdrawals are verified. Every withdrawal involves live video verification, so establishing your identity thoroughly at the start is part of the security model rather than paperwork for its own sake.
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.