According to the reports, Unchained Capital, a Texas-based Bitcoin (BTC) financial services company, has revealed that its Series B investment round saw a $60 million raise.
Valour Equity Partners Heads the Funding Round
Existing investors including NYDIG, Trammell Venture Partners, Ecliptic Capital, and Highland Capital Partners also contributed to the fundraising, which was headed by Valour Equity Partners. The $60 million in funding would be applied to further expanding the clientele, product selection and enhance its portfolio of financial services, according to a news statement provided to Bitcoin Magazine.
It is important to keep in mind that Unchained Capital offers a safer option to store fees than doing so on centralized exchanges or with a single key solution.
Multisignature systems remove single points of failure and reduce the risk of counterparty by distributing it across numerous parties. Simply expressed, think of the multi-signature procedure as having two locks—one controlled by the client and the other by the bank in a safe deposit box.
During the 2022 crypto crashes, single points of loss were a frequent occurrence: from BlockFi to Celsius to Three Arrows Capital, a variety of centralized solutions failed, stealing consumers’ money in the process. By preventing one party from taking all the money, multisig dramatically lowers risk. Joe Kelly, the Unchained Capital CEO, explained:
“Multisig is one of the most important technologies in the ecosystem that can be taken mainstream. It helps to protect individuals from loss and theft, two of the biggest issues for the industry.”
According to Vivek Pattipati, a Partner at Valour who will be joining Unchained’s Board of Directors said that “in the midst of market chaos, Unchained has emerged as a highly trusted provider of Bitcoin custody and financial services through superior technology, risk management, regulatory compliance, and client service.”
Unchained Capital asserted that it has no exposure to the defunct cryptocurrency exchange FTX following the platform’s collapse. The company had then declared a 15% staffing decrease, as TheCoinRise reported.
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