As bullish sentiment slowly returns to crypto markets, unchained Platform announces its latest funding round, raises millions to expand bitcoin (btc) financial Services.
Investors invest $60 million in US-based financial services provider, with Series B round led by Valor Equity Partners, The latter is an operational growth investment firm focused on investing in high-growth companies and entrepreneurs, such as service companies. bitgo, Lightning Labs, TeslaAnd spacex,
Per In the press release, the initial closing was completed on April 11 and included participation from existing investors nydig, Trammell Venture Partners, Ecliptic CapitalAnd Highland Capital Partners,
It says its Series B “builds forward momentum” following a $15 million funding round led by the crypto investment platform ten31 completed last year. Ten31 is the fintech division of the Germany based company WEG Bank,
Regarding what the money will be used for, the press release states that,
“Uncharted plans to use the new funding to grow its client base and improve its core suite of financial services provided through collaborative custody, as well as expand its product offerings.”
One company’s failure is another’s gain
Unwanted CEO Joe Kelly Said The company gained new customers due to recent crypto failures, despite declining trading volume and loan demand with others in the industry.
Kelly was quoted in the press release as saying that the company hopes to enable more people to enter bitcoin by expanding UnHand’s services and access to this new capital. These new entrants, Kelly said, “will leapfrog centralized custodians directly into a “secure collaborative custody model.”
And speaking of the world’s number one coin, Unchained believes that bitcoin adoption is on the rise but,
“There is a tremendous opportunity for products that bridge the traditional dollar ecosystem around credit, trade, investment and other financial services.”
Unchained co-founders Dhruv Bansal and Joseph Kelly said the company will also create more opportunities for investors to engage directly with dollars on the platform.
Founded in 2016, Unchained created a collaborative custody platform that secures over $2 billion in BTC across thousands of keys worldwide.
It claims to have originated over $500 million in bitcoin-collateralized loans since 2017, while at the same time experiencing zero loan losses.
Kelly told The Block that Unchained “always lends at low loan-to-value (LTV) ratios of 40-50% and never re-appraises a customer’s property.” This ensured that “collateral is always available to cover loans and our borrowers are comfortable meeting their margin calls.”
‘The reason for the collapse of FTX cannot be unwarranted’
Its collaborative custody model, the company explained in the announcement of the funding round, harnesses the multi-signature capabilities of bitcoin to provide the benefits of self-custody while minimizing risks.
It states that users share control of their BTC between private keys and private keys held by Unchained and other financial services companies.
“The underlying causes of the recent collapse ftx Or blockfi This cannot happen with unsolicited clients as the company is not able to move or re-link client funds separately,” the platform claimed.
Unchained Trading Desk enables users to buy BTC directly in cold storage. It also offers Individual Retirement Accounts (IRAs) so users can keep the keys to their BTC “within” Tax-convenient retirement accounts,” it said.
“Today’s macroeconomic environment is such that new bitcoins are being created every day – they just don’t know it yet,” Unchai said.
Meanwhile, Kelly said Unchained plans to expand its team of 85 this year by hiring 5-10 people each quarter.
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