Unchained Capital has secured $60 million in a Series B funding round led by Valor Equity Partners, despite the bear market grind.
The financial services provider for Bitcoin holders offers a more secure way to hold fees than storing crypto on centralized exchanges or single-key solutions.
Unchained’s custody model leverages the Bitcoin network’s native multi-signature capabilities, with clients sharing control of their Bitcoin between private keys they hold and private keys held by Unchained or other financial services companies.
The multi-sig process eliminates single points of failure and mitigates counterparty risk by sharing it between multiple parties, radically reducing risk for users.
The funding will be used to expand the client base and product offering. Unchained currently secures over $2 billion in Bitcoin across thousands of keys globally, and the company hopes to enable new entrants to Bitcoin to leapfrog centralized custodians into its safer collaborative custody model.