PANews reported on May 14 that Bitcoin custody platform Onramp has completed a $12.5 million Series A funding round, valuing the company at $135 million pre-money. The round was led by Early Riders, whose CEO, Michael Tanguma, is also a partner.

Onramp employs a multi-custodian custodian model, requiring authorization from multiple custodians before Bitcoin assets can be transferred. Its partner custodians include BitGo, Coincover, and Tetra Trust.

The company stated that its current clients are mainly high-net-worth individuals and family offices. In the future, it plans to open its custody infrastructure licensing services to banks, fintech companies and exchanges, and expand its financial services to include corporate treasury tools, Bitcoin IRAs, payment cards and cash accounts.