Unchained Raises $60M to Secure Bitcoin with Multi-Signature Solutions
• Unchained Capital has raised $60 million in a Series B funding round to provide collaborative custody Bitcoin services.
• The solution leverages the Bitcoin network’s native multi-signature capabilities, eliminating single points of failure and mitigating counterparty risk by sharing it between multiple parties.
• With this investment, they intend to expand their client base and product offering further.
Unchained Capital Raises $60M
Texas-based Unchained Capital has announced a $60 million Series B funding round led by Valor Equity Partners, NYDIG, Trammell Venture Partners, Ecliptic Capital and Highland Capital Partners. This substantial raise will be used to offer collaborative custody Bitcoin services intended to undermine single points of failure and mitigate counterparty risk.
Multi-Signature Solutions
Unchained’s custody model leverages Bitcoin’s native multi-signature capabilities, wherein clients share control of their funds between private keys held themselves and private keys held by Unchained or other financial services companies. Multisignature solutions eliminate single points of failure and mitigate counterparty risk as no one party can run off with the funds.
Expanding Client Base & Product Offering
This funding will enable Unchained to expand their client base and product offering further. To date, they have secured over $2 billion in Bitcoin across thousands of keys globally – but with this fresh capital investment they hope to enable new entrants access to safer custody solutions than traditional centralized exchanges or single key solutions allow for.
Reducing Risk
With multisig technology becoming increasingly commonplace in the industry, users are better protected from loss or theft – two of the biggest issues facing crypto today – making them more attractive prospects for investors looking for secure ways to store digital assets. According to CEO Joe Kelly: “Multisig is one of the most important technologies in the ecosystem that can be taken mainstream.”
Conclusion
The massive raise from Unchained indicates that there is still demand for secure custodial solutions despite bear market conditions – which could mean good news for those looking for high levels of security when storing crypto assets in 2021 and beyond.
