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Onramp vs. Unchained: Multi-institution custody vs. collaborative custody where you hold keys.

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About Onramp

TradingCustodyInheritanceWhite GloveIRALoansTrust

Onramp is a bitcoin-focused financial services company founded in 2022 and headquartered in Dallas, Texas. It built multi-institution custody, a 2-of-3 multisig model where 3 independent institutions each hold 1 key and the client holds none. The standard key panel is Onramp, BitGo Trust Company, and CoinCover; Private clients may include Tetra Trust or Coinbase as additional key holders. As of April 2026, Onramp manages more than $1 billion in assets under custody and is available to clients globally, except in US-sanctioned nations.

Who each is for

Onramp is for

International holders, and those who want institutional-grade multisig security without the ongoing burden of managing hardware wallets and seed phrases.

Unchained is for

Holders who want direct cryptographic key control over their own bitcoin, or business entities seeking dollar liquidity through a bitcoin-backed loan originated and serviced by a single direct lender.

Onramp
Unchained
Trading fee
0.65% on Core and Private tiers. 0.75% on the Trade-only tier.
1.00% standard tier. 0.75% Signature tier.
Minimum purchase
Not disclosed
$2,000
Recurring / DCA
Available
Not offered
OTC / large trades
Available via Onramp Finance.
Primary buy channel for all vault clients.
Settlement
Core tier settles into the MIC vault. Finance tier settles into a BitGo account.
Into your multisig vault.
Custody model
Multi-institution custody
Collaborative multisig
Key distribution
Onramp, BitGo Trust, and CoinCover each hold 1 key. The client holds no keys.
Client holds 2 keys, Unchained holds 1 key.
Default structure
2-of-3 across the 3 institutions.
2-of-3
Other configurations
Private clients can add key partners such as Tetra Trust or Coinbase.
Quorums up to 15-of-16 are supported on the Signature tier. Connections allow sharing keys with trusted parties.
Recovery if a key is lost
Loss of 1 institution's key is recoverable. No single institution failure can lock funds. Insurance covers up to $100M per incident.
Loss of 1 key is recoverable. The remaining 2 keys still meet the 2-of-3 threshold.
Hardware wallets
Not required. Institutional key custody with no client device.
Ledger, Trezor, Coldcard, BitBox, Blockstream Jade
Annual cost
$3,000/year minimum on the Core tier. $0/year on the single-custodian Finance tier.
$250/year per vault
Default process
The owner designates beneficiaries in-app. On death, the heir presents a death certificate and Onramp coordinates the institutional transfer.
Executor locates 1 client key and contacts Unchained with the Inheritance Protocol documents.
Heir technical knowledge required
Not required. The institutional process handles the transfer.
No bitcoin knowledge required. Executor follows written instructions.
Waiting period
No fixed period. Depends on documentation.
None
Executable without company involvement
No. Requires Onramp and its institutional partners to co-sign.
Yes. The client's 2 keys remain operable independently of Unchained.
Cost or included tier
Included with Core and above.
Included with Signature. Protocol materials are also available separately.
Account types
Traditional, Roth, SEP
Traditional, Roth, SEP
Key control
No. Institutional custody.
Client holds 2-of-3 keys in a dedicated IRA vault.
IRA custodian
Not disclosed
Fortis Bank (Colorado-chartered, FDIC-supervised)
Account minimum
Not disclosed
No minimum balance. $2,000 minimum per trade.
Trading fee
Included in Core tier pricing.
1.50% per trade
Annual fee
Included with Core ($3,000/year). On Finance, an additional $1,200/year.
$250/year per IRA vault
Lender of record
Arch Lending is the third-party lender. Onramp originates.
Unchained (direct lender)
Eligible borrowers
Individuals. State availability varies.
Business entities only (LLC, corporation, single-member LLC)
Minimum loan
Not disclosed
$150,000
Interest rate
From 7.25% APR (Arch Lending's published rate, Onramp-specific terms may differ).
12.0%
LTV at origination
Up to 50% at origination.
50% at origination
Collateral custody during loan
Moved to Anchorage during the loan term, outside the MIC vault.
Unchained and Fortis Bank each hold one key, which prevents any party from moving bitcoin unilaterally.
RIA
✕
✓
DAF
✕
✓
Trust entity
No proprietary trust company. Dynasty Trust Services are offered via third-party legal structures.
Gannett Trust Company, LLC
Jurisdiction / charter
Varies by trust vehicle. Not a chartered trust company.
Wyoming (chartered May 2025)
Services offered
Multi-generational estate planning and dynasty trust structures for bitcoin wealth transfer.
Personal trust administration, corporate bitcoin treasury, qualified custody, dynasty trusts, and inheritance and estate planning.
Key control
Institutional. The 3 key-holding institutions co-sign. The client holds no keys.
Client-directed. Supports both collaborative custody and qualified custodian configurations.
Minimum assets
Not disclosed
Not disclosed
Tier name
Private
Signature
Annual cost
0.04%/month (0.48%/year) on assets under custody.
Personal: $6,000 first year, $4,500 renewal. Business: $7,500/year.
Dedicated contact
Dedicated account manager.
Dedicated relationship manager with same-day emergency support.
Included services
Additional key partner options, concierge support, and trust integration.
Vault setup, 2 premium hardware wallets, security reviews, ongoing education, and inheritance setup.
Founded
2022
2016
Client funds lent
Vault assets are not lent. Loan collateral is managed by a third-party custodian during the loan.
Not applicable. No client funds are held, and loans are not rehypothecated.
Proof of reserves
Real-time, on-chain for MIC clients.
Not applicable. The client holds their own keys, verifiable on-chain.
SOC certifications
Onramp is SOC 2 Type II. Key partners are separately certified.
SOC 1 Type II and SOC 2 Type II
US availability
All 50 states
Most states (varies by product)
International availability
Yes. Global except US-sanctioned nations.
No

Common questions

Multi-institution custody removes the client's operational burden: no hardware wallets to manage, no seed phrases to safeguard, no transaction signing on the client side. 3 independent institutions hold all keys; any 2 can co-sign a transaction the client requests. Lloyd's of London insurance covers up to $100M per incident. The trade-off is that the client cannot independently move bitcoin; institutional cooperation is required.
Collaborative custody gives the client direct cryptographic key control. The client holds 2 of 3 keys on independent hardware devices and Unchained holds one. The client can move bitcoin with their 2 keys at any time, including in scenarios where Unchained is unavailable. Unchained's protection comes from the client's own key control paired with hands-on guidance, an inheritance protocol, and a chartered trust company.
Onramp Core starts at $3,000/year minimum; Onramp's Private tier is 0.48% annually on assets. Unchained is a flat $250/year per vault. At higher balances, Unchained's flat fee is materially cheaper. Onramp's pricing reflects an institutional custody-and-insurance product; Unchained's pricing reflects an expert-supported collaborative custody platform where the client holds keys themselves.
Onramp originates loans through Arch Lending, a third-party lender; collateral moves to Anchorage during the loan term. Unchained is a direct lender for US business entities (LLCs, corporations, single-member LLCs — not individuals); collateral stays in a multisig vault where the borrower holds 1 of 3 keys and can verify the collateral on-chain at any time during the loan.
Onramp can release bitcoin on-chain at the client's request, since the client is the beneficial owner of the MIC vault. Send the bitcoin to a newly created Unchained vault address. Unchained's onboarding is a guided process where the client generates 2 keys on supported hardware (Coldcard, Blockstream Jade, Ledger, BitBox, or Trezor) and Unchained holds the third. The shift moves the client from institutional key custody to direct key custody.

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About this guide

These comparisons are maintained by Unchained. We have tried to represent every service accurately and fairly, and where another service does something well that Unchained does not, we say so. Unchained appears as the reference point throughout because every page is built around a single question: how does this service differ from Unchained? That framing is why Unchained is more prominently featured, not because we consider it the default right answer for every reader.

Disclaimer: Unchained's product and service availability may vary by state. Nothing on this page is investment, tax, legal, or financial advice. Investment advisory services are offered only through Gannett Wealth Advisors. Consult your own advisors before making any financial decision. All financial products involve risk, including loss of principal. Bitcoin is volatile, and past performance does not guarantee future results.

This comparison is provided for informational purposes only and is current as of May 2026. Information about other companies is compiled from publicly available sources, including each company's documentation, regulatory filings, terms of service, and third-party reviews. Offerings, fees, terms, and state availability change frequently and may have changed since publication. Verify all information directly with each company before transacting.

References to other companies are for comparison purposes only and do not imply endorsement, partnership, sponsorship, or affiliation. All third-party names and marks are the property of their respective owners and are used for identification only. Reviewed quarterly; corrections will be addressed within five business days. If you represent a company listed here and/or believe information is inaccurate, fill out a feedback form.

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