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Bitcoin firm Unchained raises $60m

Bitcoin firm Unchained raises $60m

Bitcoin financial services firm Unchained Capital has raised $60 million in a Series B funding round led by Valor Equity Partners.

NYDIG, Trammell Venture Partners, Ecliptic Capital, and Highland Capital Partners joined the round, boosting a firm which cut its headcount by 15% during last year's crypto winter.

Unchained’s collaborative custody model uses bitcoin’s native multisignature capabilities to provide the benefits of self-custody while mitigating its risks. Clients share control of their bitcoin between private keys they hold themselves and private keys held by Unchained and other financial services companies.

The company says that the underlying causes of recent collapses at FTX or BlockFi cannot happen to its clients because it is not able to singularly move or rehypothecate client funds and clients can verify this for themselves at any time.

Unchained’s platform secures over $2 billion in bitcoin across thousands of keys around the globe. The company has originated over $500 million in bitcoin-collateralised loans since 2017, while experiencing zero loan losses.

The new funding will be used to acquire client and improve upon its core suite of financial services, as well as expand its product offerings.

“Using this fresh capital investment to expand our reach and suite of services,” says Unchained CEO Joe Kelly, “we hope to enable new entrants to bitcoin to leapfrog centralized custodians into our safer collaborative custody model.”

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