Onramp

The article critiques Onramp's analysis of replicating Digital Credit with Bitcoin and U.S. Treasuries, highlighting factual errors in the report and arguing that Digital Credit's overcollateralization and external capital structure cannot be replicated by simple BTC/Treasury portfolios. The author emphasizes economic and empirical flaws in Onramp's 'simpler trade' argument.

Onramp has raised $12.5 million in a Series A round to scale its multi-institution bitcoin custody platform, which holds over $1 billion in assets under custody and has recorded zero security incidents. The company aims to build a full financial stack around bitcoin, including lending and retirement accounts. Onramp's Multi-Institution Custody model distributes key control across several regulated custodians.

Onramp has launched Onramp Finance, a platform integrating cash management, Bitcoin access, and gold ownership in a single account for long-term wealth building. The platform offers rewards, Bitcoin IRAs, and a cashback card, aiming to address fragmented financial services by consolidating banking, brokerage, and custody under one provider.