Insurance Coverage Bolsters Resilience of Onramp’s Multi-Institution Custody Model
DALLAS, March 20, 2025 (Newswire.com)
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Onramp Bitcoin (“Onramp”), the leading bitcoin financial services firm pioneering multi-institution custody, today announced the successful placement of a $100 million insurance facility from Lloyd’s of London (Canopius, a Lloyd’s of London syndicate). The facility – secured via a strategic partnership with Native – represents a significant milestone in risk management for bitcoin custody, providing tailored coverage that enhances the security of Onramp’s industry-leading multi-institution custody infrastructure.
This development underscores Onramp’s commitment to advancing robust security measures and delivering institutional-grade protection for its clients’ bitcoin. By securing coverage that specifically targets internal threats – such as collusion – this policy addresses the human risk that is inherent in any custody framework. This tailored protection ensures Onramp clients have complete peace of mind that their bitcoin remains theirs, guarded against potential threat vectors. Onramp remains committed to delivering solutions that safeguard clients’ hard-earned buying power and preserve it for generations to come.
“This insurance facility from Lloyd’s of London demonstrates the confidence underwriters have in our rigorous security standards,” said Michael Tanguma, CEO of Onramp. “Through our collaboration with Native, we’ve successfully aligned our multi-institution custody model with a bespoke insurance solution that shields our clients from all potential threat vectors. As bitcoin adoption continues, we remain steadfast in our mission to deliver industry-leading security and risk management solutions.”
Partnership With Native
The facility was structured in partnership with Native, a specialist insurance brokerage focused on matching institutional-grade digital asset businesses with top-tier insurance providers. Native’s expertise in risk assessment and insurer engagement proved instrumental throughout the underwriting process, ensuring that Onramp’s custody infrastructure and governance protocols were comprehensively vetted for coverage.
“Onramp’s multi-institution custody model is a pioneering approach to safeguarding bitcoin,” said Ben Davis, CEO of Native. “By bringing together multiple regulated entities, Onramp eliminates single points of failure and enhances operational resiliency. We’re proud to partner with them and deliver a truly bespoke insurance program that further validates Onramp’s commitment to best-in-class security.”
Rigorous Due Diligence and Asset Protection
Securing coverage entailed a thorough examination of operational security, governance frameworks, and technical safeguards. Canopius, a Lloyd’s of London syndicate, conducted extensive due diligence on Onramp’s custody processes, reviewing everything from multi-signature consensus requirements among independent financial institutions to the internal controls that limit any single entity’s ability to compromise client assets.
The resulting policy strengthens Onramp’s existing suite of security measures, which already includes multiple regulated custodians, ongoing third-party audits, and robust operational oversight. By explicitly targeting internal threats, Onramp addresses the human vulnerabilities that can compromise any custody framework. This coverage preserves client confidence by safeguarding bitcoin against a broad range of potential risks, underscoring Onramp’s commitment to protecting hard-earned wealth for future generations.
About Onramp Bitcoin
Onramp offers best-in-class financial products and solutions to onboard HNWI, family offices, and institutions to bitcoin the right way. With a focus on reducing counterparty risk through multi-institution custody and providing a straightforward way for clients to hold real bitcoin, Onramp’s innovative platform and commitment to security and client service make it the go-to choice for investors looking to secure an allocation to bitcoin.
About Lloyd’s of London (Canopius Syndicate)
Lloyd’s of London is the world’s leading insurance and reinsurance marketplace, known for its global network of specialist underwriters and strong financial ratings. Canopius Syndicate, operating within the Lloyd’s framework, is a prominent provider of specialty insurance solutions, leveraging deep industry expertise to address complex risks.
About Native
Native is a specialized insurance brokerage connecting digital asset firms to comprehensive, high-quality insurance solutions. By leveraging a global network of underwriters and a deep understanding of evolving digital asset risks, Native designs innovative coverage strategies that safeguard businesses in the fast-growing digital currency ecosystem.
For more information or media inquiries, please contact hello@onrampbitcoin.com.
Source: Onramp
