Onboarding Process
What is the onboarding process?
Our five-step onboarding process includes:
Establish Account Structure (1-2 weeks): Set up an LLC, trust, or retirement account (disregard if already established)
Onboard to Institutional Custody (1 week): Pay a $1,000 onboarding fee and complete Know Your Business (KYB) or Know Your Customer (KYC) requirements.
Cold Storage Account Setup: We create a segregated cold storage account with Anchorage Digital.
Transfer Digital Assets: Receive funding instructions from Onramp to transfer assets.
Access Investment Opportunities: Explore curated options, such as the Digital Asset Appreciation Fund or Digital Asset Income Fund (accredited investors only).
What account structures are available?
Options include:
Entity Accounts: LLC, Trust, S Corp, etc.
Retirement Accounts: Traditional or Roth IRAs (inherited accounts require consultation with a DWP advisor).
An account structure is required. Non-U.S. clients should consult a local attorney for appropriate structures.
What is the onboarding fee?
A one-time $1,000 fee per client (entity or retirement) covers setup and processing. For retirement accounts, the fee applies only to the first account.
What are KYB/KYC, and why are they required?
KYB (Know Your Business): Verifies entity accounts and control persons.
KYC (Know Your Customer): Verifies individual identity for retirement accounts.
These ensure compliance with regulatory standards. For assistance, refer to our Help Docs or contact help@parallelmarkets.com.
What is Onramp, and how does it relate to Anchorage?
Onramp is a user-friendly platform providing access to your Anchorage Digital custodial account, facilitating funding and account management.