Onramp vs Foundation Passport — Head-to-Head Custody Comparison

An independent, data-driven comparison of Onramp and Foundation Passport across security, insurance, fees, regulatory compliance, and more.

Verdict

Quick Verdict

Onramp scores 8.7 vs Foundation Passport's 5.6. Onramp leads in 6 of 8 categories.

Onramp is better suited for Family offices, RIAs, HNW individuals. Foundation Passport is better suited for Design-conscious Bitcoiners, Air-gap enthusiasts, Open-source advocates.

8.7

Very GoodCustody Score

Onramp

5.6

Below AverageCustody Score

Foundation Passport

Scores

Score Comparison

Weighted scores across all 8 custody criteria.

Criterion	Weight	Onramp	Foundation Passport	Winner
Security	20%	9.5	9.0	Onramp
Insurance	15%	9.0	1.0	Onramp
Regulatory	15%	8.5	1.0	Onramp
Fee Transparency	10%	7.5	9.0	Foundation Passport
Track Record	15%	8.0	6.5	Onramp
Withdrawal Flexibility	10%	8.5	9.0	Foundation Passport
Reporting & Audit	10%	8.5	2.0	Onramp
Counterparty Diversification	5%	10.0	9.5	Onramp
Overall Score	100%	8.7	5.6	Onramp

Visual

Score Radar

Visual overlay of Onramp and Foundation Passport across all categories.

OnrampFoundation Passport

Deep Dive

Category-by-Category Analysis

A deeper look at how each provider performs in every scoring criterion.

Security (9.5 vs 9.0)

Onramp uses Multi-institution distributed key management with Varies by underlying custodian in cold storage and regular penetration testing. Compliance: Via underlying custodians (SOC 1 & SOC 2). Incident history: No incidents.

Foundation Passport uses Air-gapped hardware wallet with camera key management with 100% in cold storage and regular penetration testing. Compliance: Open-source audited. Incident history: No known compromises.

Insurance (9.0 vs 1.0)

Onramp offers Aggregate coverage across multiple custodian insurance policies via Multiple (via underlying custodians). Each underlying custodian maintains their own insurance. Combined coverage exceeds single-custodian limits.

Foundation Passport offers None — self-custody hardware via N/A. Hardware wallet. Full user responsibility.

Regulatory (8.5 vs 1.0)

Onramp holds State money transmitter licenses and is a qualified custodian operating in United States. Regulated through underlying custodian partnerships with qualified custodians

Foundation Passport holds N/A — hardware manufacturer and is not a qualified custodian operating in United States. Foundation Devices Inc. US-based open-source hardware company.

Fee Transparency (7.5 vs 9.0)

Onramp charges Contact for pricing in annual custody fees with 0.50% per trade (brokerage) per transaction. Also offers Onramp Finance: lowest-cost Bitcoin brokerage at 50bps, 5% APY on cash, 1.5% cashback card

Foundation Passport charges None in annual custody fees with Network fees only per transaction. Premium device. Air-gapped via QR codes and microSD.

Track Record (8.0 vs 6.5)

Onramp was founded in 2021 and is headquartered in Austin, TX. AUM: $1B+. Incident history: No incidents.

Foundation Passport was founded in 2020 and is headquartered in Boston, MA. AUM: N/A (hardware manufacturer). Incident history: No known compromises.

Withdrawal Flexibility (8.5 vs 9.0)

Onramp withdrawal fees: Contact for pricing. Minimum account: $100,000. Supported assets: Bitcoin.

Foundation Passport withdrawal fees: Network fees only. Minimum account: ~$199 (Passport). Supported assets: Bitcoin only.

Reporting & Audit (8.5 vs 2.0)

Onramp: SOC compliance is Via underlying custodians (SOC 1 & SOC 2). As a qualified custodian, it meets SEC reporting requirements.

Foundation Passport: SOC compliance is Open-source audited. Not classified as a qualified custodian.

Counterparty Diversification (10.0 vs 9.5)

Onramp is a multi-institution custody provider. Key management: Multi-institution distributed custody — keys and assets spread across multiple independent regulated custodians (BitGo, Coinbase, Fidelity, etc.).

Foundation Passport is a cold storage / hardware provider. Key management: Air-gapped Bitcoin wallet with camera for QR code scanning. Open-source hardware..

Fees

Fee Comparison

Side-by-side fee breakdown for Onramp and Foundation Passport.

Fee Type	Onramp	Foundation Passport
Setup Fee	Contact for pricing	$199 (device purchase)
Annual Custody	Contact for pricing	None
Transaction	0.50% per trade (brokerage)	Network fees only
Withdrawal	Contact for pricing	Network fees only

Onramp: Also offers Onramp Finance: lowest-cost Bitcoin brokerage at 50bps, 5% APY on cash, 1.5% cashback card

Foundation Passport: Premium device. Air-gapped via QR codes and microSD.

Features

Feature Comparison

Checklist of features across both providers.

Feature	Onramp	Foundation Passport
1.5% cashback card	✓	✗
5% APY on cash balances	✓	✗
Air-gapped QR scanning	✗	✓
Bitcoin brokerage services (Onramp Finance)	✓	✗
Camera-based signing	✗	✓
Envoy companion app	✗	✓
Institutional-grade security and compliance	✓	✗
MicroSD backup	✗	✓
Multi-Institution Custody across multiple regulated custodians	✓	✗
No single point of failure	✓	✗
Open-source hardware + firmware	✗	✓
Premium build quality	✗	✓
White-glove onboarding for institutions	✓	✗

Recommendation

Who Should Choose Which?

Onramp is better if you…

✓Are a family offices
✓Are a rias
✓Are a hnw individuals
✓Are a institutions
✓Want: Only provider offering true multi-institution custody — no single point of failure
✓Want: Aggregated insurance coverage exceeds any single custodian
✓Want: $1B+ in assets under custody demonstrates institutional trust

Foundation Passport is better if you…

✓Are a design-conscious bitcoiners
✓Are a air-gap enthusiasts
✓Are a open-source advocates
✓Are a us-made seekers
✓Want: Beautiful premium design
✓Want: Truly air-gapped with QR camera
✓Want: Open-source hardware AND firmware

FAQ

Frequently Asked Questions

Is Onramp or Foundation Passport better for Bitcoin custody?

Onramp scores 8.7 vs 5.6 in our weighted Custody Score. Onramp leads in 6 of 8 scoring categories. However, the best choice depends on your specific needs: Onramp is best for Family offices and RIAs, while Foundation Passport suits Design-conscious Bitcoiners and Air-gap enthusiasts.

What is the difference between Onramp and Foundation Passport?

Onramp is a multi-institution custody provider, while Foundation Passport is a cold storage / hardware provider. Onramp excels in Counterparty Diversification, whereas Foundation Passport is strongest in Counterparty Diversification.

How do Onramp and Foundation Passport fees compare?

Onramp charges Contact for pricing annual custody fees with 0.50% per trade (brokerage) transaction fees. Foundation Passport charges None annual custody fees with Network fees only transaction fees.

Which is more secure, Onramp or Foundation Passport?

Onramp scores 9.5/10 for security while Foundation Passport scores 9.0/10. Onramp uses Multi-institution distributed key management, and Foundation Passport uses Air-gapped hardware wallet with camera.