The withdrawal process is designed to ensure security, compliance, and client control. It involves coordination between three independent institutions, Onramp, BitGo, and CoinCover, each playing a distinct role.
Institution 1: Onramp
The process begins when you initiate a withdrawal request through your Onramp dashboard. From there:
Identity verification: A liveness check matches a live selfie to your government ID, and AI deepfake analysis checks the video, the selfie, and your device for signs of impersonation or distress.
You’ll schedule a video verification call with a member of Onramp’s Client Success team.
During the recorded call, you’ll be asked to verify your identity and confirm the details of your withdrawal.
After the call, a separate internal team at Onramp reviews the recording and approves the request by quorum.
Once approved, Onramp completes its part of the transaction in a secure offline environment.
The partially signed transaction is then passed to BitGo for further processing.
Institution 2: BitGo
BitGo serves as a co-signer in the custody process:
Your Onramp representative will coordinate a second video verification call with BitGo, where you’ll again confirm your identity and withdrawal details.
BitGo reviews the call recording in line with its internal compliance and risk procedures.
Once approved, BitGo signs the transaction (2 of 3) and broadcasts it to the Bitcoin network.
Institution 3: CoinCover
CoinCover acts as a backup keyholder and risk mitigation layer:
CoinCover does not participate in standard withdrawal reviews or transaction signing.
Instead, CoinCover’s role is to provide key recovery support and risk coverage in the event of an institutional failure, compromise, or client-side key loss.
This multi-step process ensures that no single institution can move your Bitcoin independently, adding resilience, transparency, and protection at every stage.