Onramp Invest : What’s Going On? Recent news on the Robo/Crypto company has all been quite negative and now apparently in a letter to investors the firm is running out of money. Furthermore, the firm estimates in this apparent letter that we have not seen to possess no more than 5-6 weeks in run-rate.
As a result of too high a cash burn while not generating enough paying customer accounts, losses have been mounting.
In addition, last week the firm’s CEO Tyrone Ross exited abruptly. And we know CEO exits are never a good thing for any firm. In a Linkedin post last year, Tyrone posted:
“The RIAs have to do that on their own. They have to vet the custodians. They have to vet the resource partners … ,” Ross added. “That’s why Onramp Invest exists. Because RIAs are just unclear about all of this, and we’re trying to provide that link so they can do what now Morgan Stanley advisors have access to.”
Moreover, on their website, they state in the ‘About Us section:
Onramp Invest is an iPaaS (integration platform as a service) technology company providing access to cryptoassets for registered investment advisors. Our comprehensive cryptoasset management solution will enable advisors to help their clients safely, confidently, and intelligently invest in the new age all within their existing workflows and billing models.
But, couldn’t the RIA’s go straight to the Gemin’s of the world? Lastly, we wish them well and hopefully they raise their funds soon.
