The Banks Are Coming: Why Building Custodial Trust is Imperative
February 13, 2025
On this episode of Final Settlement, a show presented collaboratively by Early Riders and Onramp Media, hosts Brian Cubellis, Michael Tanguma, and Liam Nelson are joined by Mitch Kochman, who describes his path to Onramp, to examine the hosts' view that banks moving into bitcoin custody raises the bar for custodial practices, alongside multi-institution custody, banking M&A, the administrative push for stablecoins, and market cycles.
Brian Cubellis, Michael Tanguma, and Liam Nelson are joined by Mitch Kochman for a market overview that runs from Stripe's latest acquisition and the administrative push for stablecoins to SoftBank's reported bitcoin mining investment. The bulk of the episode covers custodial practices, multi-institution custody, banking's role in bitcoin custody, M&A in the banking sector, volatility, and financial products for individuals.
Chapters
00:00 - Intro & Current Market Overview 05:58 - Stripe's Latest Acquisition & Its Implications 08:54 - The Administrative Push For Stablecoins 14:46 - SoftBank's Investment in Bitcoin Mining 17:55 - Mitch Kochman's Journey to Onramp 20:44 - Custody & Security in the Bitcoin Space 37:10 - The Importance of Strong Custodial Practices 40:03 - Multi-Institution Custody: A New Paradigm 41:49 - Banking's Role in Bitcoin Custody 45:06 - M&A Activity in the Banking Sector 55:58 - Navigating Volatility & Market Cycles 01:05:22 - The Future of Financial Products for Individuals 01:16:29 - Outro & Disclaimer
Frequently Asked Questions
What does this episode say about banks entering bitcoin custody?
The hosts discuss banking's role in bitcoin custody (41:49) and M&A activity in the banking sector (45:06), framing bank entry into the space as a reason custodial standards matter more, not less. This is the show's framing, not investment advice from Onramp.
What is multi-institution custody as discussed in the episode?
A segment on multi-institution custody (40:03) follows the broader discussion of custody and security in the bitcoin space (20:44) and the importance of strong custodial practices (37:10), describing a model in which no single institution holds unilateral control of keys.
What does the episode cover on stablecoins, Stripe, and mining?
Early segments cover Stripe's latest acquisition and its implications (05:58), the administrative push for stablecoins (08:54), and SoftBank's reported investment in bitcoin mining (14:46), discussed as reported at the time of recording.
What does the episode discuss about volatility and financial products?
Later segments cover navigating volatility and market cycles (55:58) and the future of financial products for individuals (01:05:22). Onramp does not offer yield, interest, or a return on bitcoin balances. The hosts' views are their own, not investment advice from Onramp.
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.