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Funding Progress

Crypto Custody Firm Unchained Capital Now Valued at $125 Million

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Unchained Capital Inc. – a company that delves in crypto custody services and lending – has managed to garner a whopping $25 million in funding, bringing its overall valuation to an impressive $125 million.

Unchained Capital Has Made a Lot of Money

The round was headed by New York Digital Investment Group LLC, which has already pledged heavy support to Unchained over the past several months. The company had placed roughly $50 million into Unchained back in February and is now looking to boost its investment in the enterprise by agreeing to back issued loans worth approximately $100 million at the time of writing.

Joe Kelly – chief executive officer and co-founder of Unchained – explained in a recent interview:

Our existing partnership with NYDIG has unlocked significant value and the expanded investment to lead our Series A will help further transform our company as a leading financial institution for long-term bitcoin holders.

Bitcoin has become much more than just a speculative tool over the past year. Thanks to the coronavirus pandemic, which brought the world’s financial markets to their knees, the globe’s primary digital currency by market cap has become something of a hedge tool that everyone wants to get their hands on as inflation rises. With so many concerns surrounding cash and fiat currencies, bitcoin has become a magic wand of sorts; something that can potentially keep one’s wealth safe and secure during times of economic strife.

Thus, like Unchained, many banks and financial institutions have turned to providing crypto custody services to their customers who may be interested in digital investments. However, the idea of lending with crypto is still something of an enigma in the sense that digital currencies are heavily volatile. Usually, crypto is only offered as collateral of sorts while the loans being taken out are still based in fiat.

Unchained does not seem to operate in this way. The company has been around for roughly five years, and its crypto-based loans are now becoming more popular than ever – especially with the heavy bitcoin price increases the world has witnessed over the past several months.

As it stands, the company presently has about $250 million in outstanding loan funds. This number is literally five times larger than the number the company was boasting at the beginning of the year, which means that in just the last six months, the idea of taking loans out via crypto has surged in popularity.

Bitcoin Is Leading a Charge

Parker Lewis – head of business development with the firm – states:

Historically, there has been a lack of investment in bitcoin-dedicated infrastructure, often in favor of platforms supporting many digital currencies, but Unchained expects this raise to be the first of a growing trend of bitcoin-only businesses attracting capital investment at the scale which has long been deserved.

The post Crypto Custody Firm Unchained Capital Now Valued at $125 Million appeared first on Live Bitcoin News.

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