Unchained Capital Secures $60 Million to Enhance Bitcoin Custody Solutions
Bitcoin company Unchained managed to raise $60 million despite the current market conditions and the global economic turmoil.
Unchained, a financial services provider for Bitcoin investors, recently announced a successful Series B funding round led by Valor Equity Partners, with other firms such as NYDIG, Trammell Venture Partners, Ecliptic Capital, and Highland Capital Partners also participating.
Unchained offers a more secure way to hold Bitcoin than storing it on centralized exchanges or using a single key solution.
Its custody model utilizes the multi-signature capabilities of the Bitcoin network, where clients share control of their Bitcoin between their own private keys and private keys held by Unchained or other financial services firms. This approach eliminates single points of failure and reduces counterparty risk by spreading it among multiple parties.
Using multisig, Unchained can provide greater protection against loss and theft, making it a crucial technology for the industry.
Unchained currently secures over $2 billion in Bitcoin across thousands of keys globally.
The $60 million in funding will enable Unchained to expand its client base and product offering and promote its safer collaborative custody model as a viable alternative to centralized custodians. Ultimately, Unchained aims to encourage investors to take custody of their own assets, with multisig playing a pivotal role in achieving this goal.