Financial services provider for Bitcoin holders Unchained has revealed that the company raised $60 million in a Series B funding round. The funds will be used to grow Unchained’s customer base and enhance its financial service offerings.

Valor Equity Partners led the funding round, with contributions from existing investors such as Trammell Venture Partners, NYDIG, Highland Capital Partners, and Ecliptic Capital.

The firm’s innovative custody model leverages Bitcoin’s inherent multisignature features to deliver self-custody advantages while reducing related risks. This approach enables clients to distribute control of their Bitcoin between their own private keys and those managed by Unchained along with other financial institutions. 

The platform currently stores more than $2 billion in Bitcoin using thousands of keys globally.

Valor Partner Vivek Pattipati, who is set to join Unchained’s Board of Directors, applauded the company’s position as a reliable provider of Bitcoin custody and financial services amidst market turmoil. He cited outstanding technology, risk management, regulatory compliance, and customer service as key factors.

The press release states that since 2017, Unchained has generated over $500 million in Bitcoin-backed loans with zero loan losses. The firm’s trading desk facilitates clients’ direct purchase of Bitcoin to cold storage, and its unique IRA offering permits customers to hold their Bitcoin keys within tax-advantaged retirement accounts.

Unchained CEO Joe Kelly expressed his optimism by stating that with “this fresh capital investment to expand our reach and suite of services, we hope to enable new entrants to Bitcoin to leapfrog centralized custodians into our safer collaborative custody model.”

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