Unchained, a Bitcoin custody and financial services provider, has raised $60 million in a Series B funding round led by Valor Equity Partners. The new funding will be used to develop new Bitcoin products and services, as well as to double down on existing Bitcoin offerings.
The company will also focus on enabling clients to use collaborative custody, allowing them to delegate control among a combination of Unchained, Kingdom Trust, and other financial services firms on their own terms.
Unchained was founded in 2016 and provides a range of Bitcoin-native financial services, including multisig vaults, Bitcoin lending, trading desks, and retirement accounts.
Collaborative Custody For Bitcoin Investors
The company is known for its collaborative custody model, which combines the benefits of self-custody with the redundancy and support of a Bitcoin company as a co-signer in clients’ wallets.
Unchained’s new funding round was led by Valor Equity Partners, which has a long track record of helping innovative companies reach the broader market. The firm has demonstrated its commitment to the Bitcoin ecosystem through its growth investments in BitGo, Lightning Labs, Crusoe Energy, and now in Unchained.
Unchained’s focus on collaborative custody is aimed at high-net-worth individuals, family offices, and institutions that are not yet ready to hold their own keys. The company believes that offering collaborative custody will accelerate new investors’ adoption of self-custody.
The company also unveiled its new brand, which features a warmer, more human look and feels while still keeping one foot firmly in the future. The new logo aligns the team with what matters most and reminds clients of shared values.
Unchained believes there’s a Bitcoiner born every minute and hopes to expand its client base through new dollar-focused products such as checking accounts, credit cards, etc.
Unchained’s Series B funding will also strengthen bridges between USD and BTC through new dollar-focused products. The company believes that offering traditional dollar-denominated products will further benefit its clients by providing more options for managing their wealth.
Valor Equity Partners, which led the funding round, praised Unchained for its superior technology, risk management, regulatory compliance, and client service.
The firm’s operational teams have already delivered significant value to Unchained. Valor will continue to advise and support Unchained going forward as the company doubles down on existing BTC products and launches new USD-denominated services.
Related Reading | Ethereum: Crypto Community Livid Over SEC Chair’s “Vague” Response