Digital Assets: Unchained Nabs $60M For Its Collaborative Custody Services For Bitcoin
Unchained’s collaborative custody platform secures over $2 billion in bitcoin across thousands of keys around the globe.
Unchained, a financial services provider for Bitcoin holders, has raised $60 million in Series B funding led by Valor Equity Partners. Existing investors including NYDIG, Trammell Venture Partners, Ecliptic Capital, and Highland Capital Partners also participated in the round.
Unchained aims to use the latest financing to expand its product offerings and improve its core suite of financial services delivered through collaborative custody, as well as grow its client base. The collaborative custody model of Unchained uses Bitcoin’s native multi-signature capabilities to provide the benefits of self-custody while mitigating its risks. . (Businesswire)
Unchained’s clients share control of their Bitcoin between their own private keys and those held by Unchained and other financial services firms. This approach eliminates the risk of a single point of failure and reduces counterparty risk by sharing it among multiple parties. Unchained’s clients are protected from the underlying causes of recent collapses at FTX or BlockFi since the company cannot independently move or rehypothecate client funds. Moreover, clients can verify this for themselves at any time.
Unchained’s collaborative custody platform secures over $2 billion in Bitcoin across thousands of keys globally. The company has originated over $500 million in Bitcoin-collateralized loans since 2017 while experiencing zero loan losses.
The Unchained trading desk allows clients to buy Bitcoin directly to cold storage, and its IRA offering allows clients to hold keys to their Bitcoin within tax-advantaged retirement accounts.
According to Unchained, there is significant potential for digital products that connect with the conventional dollar economy in areas such as credit, trading, investment, and other financial services.
Related Story: Ledger, Maker Of Crypto Security Hardware, Raises Nearly All Of $100M Series C Round
Image by Gino Crescoli from Pixabay
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