• Unchained Capital has announced a $60 million Series B funding round led by Valor Equity Partners.
• The company provides secure Bitcoin storage solutions that leverage the Bitcoin network’s native multi-signature capabilities, eliminating single points of failure and mitigating counterparty risk.
• The funding will be used to expand the client base and product offering further.
Unchained Capital Raises $60 Million
Texas-based Unchained Capital has announced a $60 million Series B funding round led by Valor Equity Partners, with NYDIG, Trammell Venture Partners, Ecliptic Capital and Highland Capital Partners also participating.
Secure Bitcoin Storage Solutions
Unchained Capital provides a more secure way to store bitcoins than centralized exchanges or single key solutions. Their custody model leverages the Bitcoin network’s native multi-signature capabilities in that clients share control of their Bitcoin between private keys they hold themselves and private keys held by Unchained or other financial services companies. This multisignature solution eliminates single points of failure and mitigates counterparty risk by sharing it between multiple parties. To date, Unchained secures over $2 billion in Bitcoin across thousands of keys globally.
Funding Used for Expansion
The new funding will be used to expand the client base and product offering further. CEO Joe Kelly commented: “Using 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.”
Competition from Casa
Casa is a competitor crypto security company which recently added Ethereum (ETH) to its suite of products. However, Kelly believes MultiSig is one of the most important technologies in the ecosystem that can be taken mainstream as it helps protect individuals from loss and theft.
The new funding from Unchained Capital shows a continued commitment from investors in providing secure storage solutions for cryptocurrency users despite the bear market grind throughout 2021 so far. Multisignature solutions are becoming increasingly popular as it offers an extra layer of protection for users’ funds compared with single key solutions or centralized exchanges which have been prone to collapse in recent years taking users funds along with them