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According to Axios, Bitcoin custody platform Onramp CEO Michael Tanguma exclusively revealed that the company has completed a $12.5 million Series A funding round with a pre-money valuation of $135 million.
This round was led by Early Riders, with the remaining funds coming from Onramp private clients and external angel investors.
Onramp employs a multi-institution custody model, requiring multiple partners such as BitGo, Coincover, and Tetra Trust to jointly approve the movement of assets.
Additionally, Onramp is launching a financial services platform called Onramp Finance.