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Onramp Bitcoin Launches First Multi-Sig Spot Bitcoin Trust

Onramp Bitcoin Launches First Multi-Sig Spot Bitcoin Trust
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The trust will utilize three separate key holders to offer the benefits of multisignature custody to institutional investors.

Onramp Bitcoin has launched the first-ever spot bitcoin trust product that employs multi-party custody. This product is tailored to high-net-worth individuals, corporations and institutions seeking to gain exposure to bitcoin, according to a press release

The trust product will utilize three institutional-grade key holders, a qualified custodian named Kingdom Trust, and Bitcoin custody service firm Unchained Capital, to ensure that the custody of client bitcoin has no single point of failure.

Onramp is the first trust to leverage a multi-signature setup, requiring a quorum to move funds. The product is designed for those who want exposure to bitcoin without the tradeoffs of full third-party custody, but who are not yet ready to take on the responsibility of full self-custody.

According to the press release, Onramp’s solution is also intended to address the limitations of existing Bitcoin fund vehicles, including single-point-of-failure custody, taxable events on withdrawal and lack of Bitcoin focus and education.

The trust will have a “Bitcoin-only focus with a commitment to education and advisory services to help clients excel during periods of volatility,” the press release describes.

The product will also offer segregated accounts with the ability to take possession of the underlying bitcoin without incurring a taxable event. 

Source: Bitcoin Magazine

The post Onramp Bitcoin Launches First Multi-Sig Spot Bitcoin Trust appeared first on Crypto Breaking News.

Read more: https://www.cryptobreaking.com/onramp-bitcoin-launches-first-multi-sig-spot-bitcoin-trust/

Text source: Crypto Breaking News

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
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