Onramp launched corporate Bitcoin accounts, supporting dual withdrawal approval

According to Bitcoin Magazine, Bitcoin financial services company Onramp has launched Onramp Business, a corporate account that supports named users, role-based permissions, and dual withdrawal approvals. This product is aimed at companies that wish to incorporate Bitcoin into their balance sheets but are reluctant to have it managed by a single login, single custodian, or single private key holder.

The base account transaction fee is 0.85%, with Bitcoin stored at qualified custodians, typically completing verification within one business day. It supports up to three users, including the owner, administrator, and read-only roles, and provides audit trails. Onramp Treasury and Onramp Enterprise are being launched simultaneously at higher tiers.

Onramp founder and CEO Michael Tanguma stated that he has seen companies decide to incorporate Bitcoin into their balance sheets over the years, but stall when the board asks who holds the private keys; Onramp Business allows companies to have the same control as a bank account, including named users, withdrawal approvals, and complete records. As holdings grow, Onramp Treasury stores them in vaults protected by three independent institutions, with no single party (including Onramp) able to transfer or access them.

Bitcoin in free accounts is stored in cold storage at qualified custodians; multi-institution custody is provided by Onramp Treasury, starting at $375 per month, with transaction fees reduced to 0.65%. Bitcoin is moved into vaults held in the company's name, protected by a 2-of-3 multi-signature arrangement consisting of Onramp, Tetra Trust, and CoinCover.

Onramp Enterprise is aimed at funds, miners, and large corporate treasuries, priced on a consulting basis. Onramp has been offering multi-institution custody since 2023, completing a $12.5 million Series A funding round in May, with a valuation of $135 million.