Onramp vs Ledger Enterprise — Head-to-Head Custody Comparison

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

Verdict

Quick Verdict

Onramp scores 8.7 vs Ledger Enterprise's 6.2. Onramp leads in 7 of 8 categories.

Onramp is better suited for Family offices, RIAs, HNW individuals. Ledger Enterprise is better suited for Banks, Exchanges, Custodians.

8.7

Very GoodCustody Score

Onramp

6.2

FairCustody Score

Ledger Enterprise

Scores

Score Comparison

Weighted scores across all 8 custody criteria.

Criterion	Weight	Onramp	Ledger Enterprise	Winner
Security	20%	9.5	9.0	Onramp
Insurance	15%	9.0	2.0	Onramp
Regulatory	15%	8.5	5.0	Onramp
Fee Transparency	10%	7.5	5.0	Onramp
Track Record	15%	8.0	8.0	Tie
Withdrawal Flexibility	10%	8.5	7.5	Onramp
Reporting & Audit	10%	8.5	7.0	Onramp
Counterparty Diversification	5%	10.0	4.0	Onramp
Overall Score	100%	8.7	6.2	Onramp

Visual

Score Radar

Visual overlay of Onramp and Ledger Enterprise across all categories.

OnrampLedger Enterprise

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.

Ledger Enterprise uses Enterprise MPC + HSM key management with Configurable in cold storage and regular penetration testing. Compliance: SOC 2 Type 2. Incident history: No enterprise custody incidents.

Insurance (9.0 vs 2.0)

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.

Ledger Enterprise offers N/A — infrastructure provider via N/A. Institutions using Ledger Enterprise arrange their own insurance.

Regulatory (8.5 vs 5.0)

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

Ledger Enterprise holds Technology provider and is not a qualified custodian operating in France (EU) / Global. Infrastructure provider. Regulatory compliance is on the institution.

Fee Transparency (7.5 vs 5.0)

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

Ledger Enterprise charges SaaS subscription in annual custody fees with Volume-based per transaction. Enterprise custody infrastructure. B2B SaaS model.

Track Record (8.0 vs 8.0)

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

Ledger Enterprise was founded in 2014 and is headquartered in Paris, France. AUM: Technology provider (not direct custody). Incident history: No enterprise custody incidents.

Withdrawal Flexibility (8.5 vs 7.5)

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

Ledger Enterprise withdrawal fees: N/A (infrastructure provider). Minimum account: Enterprise only. Supported assets: Bitcoin, Ethereum, 1,800+ assets.

Reporting & Audit (8.5 vs 7.0)

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

Ledger Enterprise: SOC compliance is SOC 2 Type 2. Not classified as a qualified custodian.

Counterparty Diversification (10.0 vs 4.0)

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.).

Ledger Enterprise is a technology provider provider. Key management: Enterprise MPC + governance platform. HSM-based. Configurable policies..

Fees

Fee Comparison

Side-by-side fee breakdown for Onramp and Ledger Enterprise.

Fee Type	Onramp	Ledger Enterprise
Setup Fee	Contact for pricing	Enterprise pricing
Annual Custody	Contact for pricing	SaaS subscription
Transaction	0.50% per trade (brokerage)	Volume-based
Withdrawal	Contact for pricing	N/A (infrastructure provider)

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

Ledger Enterprise: Enterprise custody infrastructure. B2B SaaS model.

Features

Feature Comparison

Checklist of features across both providers.

Feature	Onramp	Ledger Enterprise
1,800+ asset support	✗	✓
1.5% cashback card	✓	✗
5% APY on cash balances	✓	✗
API-first platform	✗	✓
Bitcoin brokerage services (Onramp Finance)	✓	✗
Configurable governance policies	✗	✓
Enterprise MPC technology	✗	✓
HSM-based security	✗	✓
Institutional-grade security and compliance	✓	✗
Multi-Institution Custody across multiple regulated custodians	✓	✗
No single point of failure	✓	✗
White-glove onboarding for institutions	✓	✗
White-label solutions	✗	✓

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

Ledger Enterprise is better if you…

✓Are a banks
✓Are a exchanges
✓Are a custodians
✓Are a financial institutions
✓Want: Ledger brand — trusted hardware security heritage
✓Want: Enterprise MPC technology
✓Want: SOC 2 Type 2 certified

FAQ

Frequently Asked Questions

Is Onramp or Ledger Enterprise better for Bitcoin custody?

Onramp scores 8.7 vs 6.2 in our weighted Custody Score. Onramp leads in 7 of 8 scoring categories. However, the best choice depends on your specific needs: Onramp is best for Family offices and RIAs, while Ledger Enterprise suits Banks and Exchanges.

What is the difference between Onramp and Ledger Enterprise?

Onramp is a multi-institution custody provider, while Ledger Enterprise is a technology provider provider. Onramp excels in Counterparty Diversification, whereas Ledger Enterprise is strongest in Security.

How do Onramp and Ledger Enterprise fees compare?

Onramp charges Contact for pricing annual custody fees with 0.50% per trade (brokerage) transaction fees. Ledger Enterprise charges SaaS subscription annual custody fees with Volume-based transaction fees.

Which is more secure, Onramp or Ledger Enterprise?

Onramp scores 9.5/10 for security while Ledger Enterprise scores 9.0/10. Onramp uses Multi-institution distributed key management, and Ledger Enterprise uses Enterprise MPC + HSM.