Key Takeaways

• You don’t hold a key with Onramp’s multi-institution custody solution, but you still retain full control.
• Your Bitcoin is secured by three independent institutions, with a 2-of-3 signing requirement to move your Bitcoin.
• Client control is preserved through legal title, explicit authorization requirements, 24/7 on-chain verifiability, and the distribution of private key material.
• Multi-institution custody removes the burden of managing hardware wallets, seed phrases, and inheritance complexity.
• Holding a key isn't the only path to sovereignty, delegating security doesn’t mean giving up ownership.

The Source of the Question: Not Your Keys, Not Your Coins

“Not your keys, not your coins” is a powerful principle in Bitcoin culture.

It’s a response to custodial risk that has plagued the industry, where investors have lost funds by trusting the wrong counterparty. And it’s grounded in a long history of platforms, exchanges, and institutions mismanaging client Bitcoin.

So when investors hear, “you don’t hold a key” in Onramp’s solution, alarm bells go off, and that’s completely understandable. This reaction makes sense because historically, not holding your keys meant not having control of your Bitcoin.

It meant a singular third party had full control over your assets. If they were compromised, hacked, collapsed due to insolvency, or even refused to cooperate, clients often lost their Bitcoin.

Simply put, before multi-institution custody existed, if you didn’t hold the keys, you relied on a single institution and never truly controlled your Bitcoin.

What Does it Mean to Hold a Key?

Holding a key means having physical possession of a hardware wallet and the associated seed phrase. It means you have unilateral and unfettered access to your Bitcoin. You can transfer funds at any time, without needing permission from anyone.

But it also means you take on 100% of the risk and responsibility. Lose your key, and your Bitcoin is gone. Fail to plan for inheritance, and your family may never recover it. Get targeted in a physical attack, and you may be forced to hand over your Bitcoin.

Self-custody gives you total control, but also exposes you to several threat vectors. These risks increase as Bitcoin becomes more valuable and as more people become familiar with its workings. For many investors, the challenge is that they are the only one in their family who understands key management. That makes them a single point of failure.

And while holding a key gives you control, the quality of that key setup matters. When Bitcoin was $1,000 or even $10,000, consumer-grade hardware wallets may have felt sufficient. However, as Bitcoin appreciates beyond $100,000, there is a need for stronger security.

Institutional-grade key generation introduces higher entropy, air-gapped environments, and multi-layer recovery protocols, protections built not for convenience, but for durability. It’s the kind of infrastructure that matches the seriousness of your Bitcoin.

What Onramp’s Multi-institution Custody Looks Like

With multi-institution custody at Onramp, your Bitcoin is secured by three independent institutions. Each institution holds one key, and two of the three keys are required to move Bitcoin.

You don’t hold a key yourself. But you retain full control in three important ways:

• You retain legal title to your Bitcoin (your Onramp account is set up in your name, your business name, your trust, etc.).
• The institutions only access the keys and sign with your explicit authorization.
• Your holdings are always verifiable on-chain, 24/7, in your own segregated vault, in real time.

No single institution, including Onramp, can access or move your Bitcoin on its own. With our solution, you delegate operational security, not ownership.

For further reading, you can check out:

What Is Multi-Institution Bitcoin Custody? A Bitcoin Custody Explainer

How Does Multi-Institution Bitcoin Custody Work?

How Do I Control My Bitcoin with Multi-Institution Custody?

When you initiate a Bitcoin transaction through Onramp, you maintain full control, without needing to hold key material yourself. Here’s how the multi-institution signing process works:

• You log in to your Onramp account using your credentials and two-factor authentication.
• You enter the amount of Bitcoin you want to send and the destination address.
• You schedule a call with our operations team to verify your identity and confirm the request, that it’s truly you making the request and that you’re not under any form of duress.
• After a successful verification, Onramp reconstructs its private key offline and provides the first signature.
• You then complete a second video verification with the BitGo Trust team, who performs their own independent confirmation.
• Once approved, BitGo provides the second signature, and the transaction is completed.

At no point can Onramp or any other single institution move your Bitcoin without your knowledge or instruction. The signing process is secure, deliberate, and built to protect you from both internal and external threats.

This process typically takes 24–48 hours, depending on client responsiveness and verification availability. Here is a video that demonstrates the withdrawal process.

So Do You Hold a Key? No. Do You Control Your Bitcoin? Yes.

With Onramp, you don’t hold a physical key or seed phrase. But you do retain full control through a blend of legal structure, transparent permissions, and multi-institution security.

We’ve designed our system to remove the friction of self-custody without compromising your control over the asset itself. You trade hardware wallets and seed phrases for professional-grade infrastructure, decentralized security, and resilient, seamless access.

Why We Built Onramp This Way

We built this model after working with thousands of Bitcoin investors and onboarding billions in client assets. What we consistently heard was that many investors lacked peace of mind.

They needed a solution where they didn’t bear the full burden of self-custody, didn’t have to explain a complex inheritance plan to their family, didn’t have to worry about physical threats, and didn’t have to worry about what happens if something goes wrong with a single institution.

But more than that, multi-institution custody is a solution we use ourselves. It’s the system we built because we couldn’t find anything else that met our standards for both security and simplicity and addressed the real risks of securing Bitcoin as its value increases.

Still Prefer to Hold a Key? That’s Okay.

Some clients will always prefer the full sovereignty of self-custody. Others may feel more comfortable with a collaborative custody model, where they hold one or more keys directly.

That’s perfectly fine. Our goal isn’t to convince you to use one model over another, it’s to give you the information and support you need to choose the right path for your goals, your family, and your long-term strategy.

The Barbell Approach

Bitcoin custody isn’t an all-or-nothing proposition.

Many Onramp clients use multi-institution custody for the majority of their Bitcoin, typically for long-term preservation and inheritance. And they continue using self-custody, whether single-sig or multi-sig (or collaborative custody), for a smaller portion of their holdings.

Every custody solution has trade-offs. What matters is balancing those trade-offs to optimize for your specific risks, goals, and life circumstances. The key is ensuring your Bitcoin remains accessible and available when you or your family need it, whether that’s five years from now or fifty.

We produced a report called The Barbell Approach, which you can read more about here if this framework resonates with you.

Our team has experience working with thousands of clients. We understand the complexity of each situation, and we’re happy to speak with you directly to help you evaluate and implement a plan that fits.

Final Thoughts

The goal of custody isn’t to check a box. It’s to protect wealth today, tomorrow, and for the next generation.

Holding a key isn’t the only path to control. With Onramp, you offload operational risk without giving up ownership. You gain resilience without the burden of complexity.

And most importantly: you still own your Bitcoin.

Learn more about our multi-institution custody solutions. → https://www.onrampbitcoin.com/products/multi-institution-custody

Our team is here to support you in your decision-making process. We’ve guided thousands of clients and can help you make the right decision for your circumstances - book a consultation.