Key Data

• Trading Name: Unchained
• Legal Entity: Unchained Capital, Inc. /Unchained Trading, LLC/Bitcoin Collateral Services LLC
• Activities: Bitcoin-focused financial services provider
• Location: Austin, TX (USA)
• Regulations: licensed Money Transmitter
• Key People: Dhruv Bansal, Joseph Kelly

Unchained is a bitcoin native financial services company offering collaborative custody multisignature vaults and loans for bitcoin holders.

Offering

Unchained positions itself as a bitcoin-focused financial services provider, offering collaborative custody multisignature vaults and loans tailored for bitcoin holders. However, a more critical analysis exposes several points:

• Bitcoin Financial Services:

Unchained promises secure cold storage solutions for bitcoin, emphasizing customer retention of asset control and providing supportive assistance. While this sounds appealing, there’s a notable lack of transparency regarding the specifics of their security measures and the depth of their support services. Services purportedly include:

• trading, inheritance
• loans, and IRAs,
• catering to both novices and experienced holders.

However, the efficacy and reliability of these services remain questionable without concrete evidence or testimonials. Unchained claims to offer concierge onboarding for new users, yet the extent of this support and its efficacy remains unsubstantiated. Similarly, their proposition to upgrade users to multisig vaults for enhanced security lacks clear elaboration on the practical benefits and potential drawbacks.

• Life-Long Bitcoin Services:

The company markets itself as a partner for long-term bitcoin holders, assisting with significant life events such as:

• major purchases
• retirement planning
• and generational wealth transfer.

However, the actual mechanisms and effectiveness of these services remain ambiguous, leaving clients in uncertainty about the reliability and suitability of Unchained’s offerings for their specific needs.

• Business Solutions:

Unchained extends its services to businesses, offering purpose-built business vaults to distribute bitcoin control among team members. While this proposition aims to address security concerns, the adequacy and effectiveness of these solutions remain speculative, particularly without concrete examples or case studies showcasing their applicability and success.

Regulation

Unchained Capital, Inc. (NMLS ID 1900773) and Unchained Trading, LLC (NMLS ID 2273761) hold licenses for various activities. Some affiliated companies of Unchained Capital, Inc. might not be regulated. Loans backed by Bitcoin are provided by Lead Bank, a bank based in Missouri (member FDIC), while Bitcoin Collateral Services LLC (NMLS ID 2423070) handles loan servicing. In California, loans are conducted under a California Financing Law license. “Servicing” involves tasks such as collecting payments, issuing statements, monitoring balances, and managing other loan-related activities for clients.

Costumer Review

Google: 4,9 Stars with 40+ Reviews

Fundings

In 2021 Unchained Capital secured a $25 million Series A funding led by NYDIG and Stone Ridge Holdings Group, increasing NYDIG’s commitment to $150 million. This investment aims to enhance Unchained’s position as a top financial institution for long-term Bitcoin holders. The partnership includes collaborative custody arrangements and aligns with both firms’ dedication to advancing Bitcoin infrastructure. NYDIG’s continued investment underscores their shared vision of establishing Bitcoin as a cornerstone of the future financial system.

In September 2023 raised $60 million. The Series B funding round was led by Chicago-based Valor Equity Partners, with participation from existing investors NYDIG, Trammell Venture Partners, Ecliptic Capital, and Highland Capital Partners. Unchained has raised a total of $115 million since its launch.

Conclusion

We’re upgrading Unchained Capital to GREEN as they meet all necessary criteria, including customer reviews, licenses, compliance data, and key personnel.