Unchained, the market leader in bitcoin financial services, has announced a $60 million Series B fundraising round led by Valor Equity Partners. Existing investors NYDIG, Trammell Venture Partners, Ecliptic Capital, and Highland Capital Partners participated in the initial closing, which was concluded on April 11. Following a $15 million fundraising led by Ten31 last fall, the Series B adds to the momentum.
Unchained’s collaborative custody model takes advantage of bitcoin’s natural multisignature features to give the benefits of self-custody while limiting the hazards.
Clients divide control of their bitcoin between private keys they own and private keys owned by Unchained and other financial services providers.
This not only removes single points of failure caused by key loss or theft, but it also reduces counterparty risk by spreading it over several persons and firms.
The underlying reasons of recent FTX or BlockFi collapses cannot happen to Unchained’s clients because the company is unable to shift or rehypothecate client funds in a single transaction, and clients can check this for themselves at any moment.
Unchained’s collaborative custody platform protects over $2 billion in bitcoin over thousands of keys worldwide.
Unchained’s trading desk allows clients to buy bitcoin directly into cold storage, and its IRA product allows clients to keep keys to their bitcoin in tax-advantaged retirement accounts – an industry first.
Unchained intends to use the fresh capital to expand its customer base, strengthen its core suite of financial services supplied via collaborative custody, and expand its product offerings.
Unchained believes that as bitcoin’s acceptance grows, there is a huge opportunity for products that bridge into the existing dollar ecosystem around credit, trading, investing, and other financial services.
Unchained, which was founded in 2016, is a top ten bitcoin platform in the United States by assets, and has allowed thousands of individuals and businesses genuinely own their wealth by holding bitcoin keys.
Unchained’s collaborative custody model enables clients to access financial services while maintaining the benefits of self-custody, which provides the ultimate consumer protection in these unpredictable times.
