The Binance hack was bigger than the next 9 largest exchange hacks combined: https://t.co/97tHTZiYDz
Unchained
Bitcoin-native collaborative custody lending and vaults with zero rehypothecation
3.7/ 5
Our score
Good
Products
Crypto-backed loans
Available in
United States
KYC required
Yes
What is Unchained?
Unchained is an Austin-based Bitcoin financial services firm specializing in collaborative custody vaults, Bitcoin-backed dollar loans, and retirement accounts. The platform uses a native multisig setup where collateral is not rehypothecated, allowing borrowers to verify their deposits directly on the Bitcoin blockchain.
Founders and institutional backing
Founded in 2016 by Joe Kelly and Dhruv Bansal, the firm is led by Kelly as chief executive officer. Unchained raised a $3M seed round in June 2018, followed by a $25M Series A in June 2021 led by NYDIG and Stone Ridge Holdings Group. NYDIG simultaneously provided a dedicated lending facility that grew to $150M. In April 2023, the company completed an initial $60M Series B led by Valor Equity Partners, joined by strategic participants such as Ten31 and Ecliptic Capital.
Lending architecture and custody mechanics
The core borrowing product provides commercial dollar loans secured by Bitcoin. Every loan relies on a 2-of-3 multisignature vault: the borrower retains one key, Unchained holds a second, and the third key completes the setup. Because moving funds requires two keys, Unchained cannot rehypothecate or pledge the Bitcoin to third-party yield markets. Borrowers can monitor their collateral on-chain around the clock.
Borrowing rates and loan limits
Financing through Unchained focuses on large allocations, featuring a standard minimum loan threshold of $150,000. Loan origination fees are deducted directly from disbursed proceeds. The service is tailored primarily to United States residents and commercial entities under US state lending frameworks, including operations under a California Financing Law license and state registrations through NMLS IDs 1900773, 2656661, and 2423070. All accounts require identity verification (KYC).
Operational track record and risk profile
Unchained completed annual SOC 1 and SOC 2 audits in 2025 and released an Android application in January 2026. Nonetheless, borrowers face market volatility risk: sharp Bitcoin declines require adding collateral to prevent liquidation. The high minimum loan size excludes smaller borrowers.
Best for:US long-term Bitcoin holdersCorporate treasuries borrowing against BitcoinInvestors seeking verified non-rehypothecated loansSelf-directed Bitcoin IRA savers
Pros and cons
Pros
- Collateral is never rehypothecated and can be audited on-chain at any time
- Borrowers retain one of three multisig keys on every loan
- Completed SOC 1 and SOC 2 audits in 2025
- Holds established US state lending licenses and NMLS registrations
Cons
- High minimum loan amount of $150,000 restricts smaller borrowers
- Loan interest rates are 14% to 16.21% APR
- Supports only Bitcoin, excluding all other crypto assets
- Requires complete identity verification and serves primarily US residents
Our review
3.7/5
Good
Unchained provides non-rehypothecated Bitcoin loans via collaborative custody multisig and requires a $150,000 minimum loan.
Founded in 2016 in Austin, Texas by Joe Kelly and Dhruv Bansal, Unchained provides Bitcoin-native financial services centered on a collaborative custody architecture. Unchained uses a 2-of-3 multisignature vault for its dollar loans. The borrower holds one private key, Unchained holds another, and the third key completes the setup. This setup is designed to prevent rehypothecation. Borrowers can verify on-chain that their collateral remains parked in their dedicated address throughout the loan duration.
Unchained raised $25 million in a Series A round led by NYDIG and Stone Ridge Holdings Group in June 2021, which included a $100 million lending facility expansion from NYDIG, followed by a $60 million Series B round led by Valor Equity Partners in April 2023. The platform completed SOC 1 and SOC 2 audits in 2025 and operates under state licensing, including NMLS identifiers and a California Financing Law license.
Loan origination fees are deducted directly from disbursed funds. The platform also mandates a $150,000 minimum loan amount. The company supports only Bitcoin, excluding all other cryptocurrencies, and primarily serves United States residents under domestic financial regulations.
Unchained suits long-term Bitcoin holders and corporate treasuries seeking liquidity.
Specs
| KYC required ⓘ | Yes · unverified |
|---|---|
| Products | Crypto-backed loans |
| Supported assets | 1 · unverified |
| Available in | United States · unverified |
| Licenses & registrations | NMLS ID 1900773, NMLS ID 2656661, NMLS ID 2423070, California Financing Law License · unverified |
| Fixed terms | Yes · unverified |
| Auto-compounding | No · unverified |
Not disclosed by the provider: Highest advertised APY, Max loan-to-value, Loan APR from, Proof of reserves, Insurance, Flexible (withdraw any time).
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Key features
Non-rehypothecated loans
Bitcoin collateral stays in dedicated multisig addresses on-chain and is never lent out or pledged to third parties.
Collaborative multisig vaults
Accounts use a 2-of-3 key setup where clients hold their own keys.
Tax-advantaged IRAs
Supports Traditional, Roth, and SEP IRAs that allow direct Bitcoin key ownership within retirement accounts.
Integrated trading desk
Executes Bitcoin spot buys and sells with proceeds settling directly into collaborative cold storage vaults.
Dedicated inheritance planning
Preconfigures legal titling and key handoffs so heirs can recover vault funds without unilateral custodian control.
Inside Unchained
Vaults
Institutional-grade cold storage vaults for individuals and businesses that employ collaborative multisignature custody, allowing users to maintain key ownership.
Commercial loans
Dollar loans backed by Bitcoin collateral stored in dedicated multisignature vaults without rehypothecation.
Bitcoin IRAs
Tax-advantaged retirement accounts, including traditional, Roth, and SEP IRAs, that hold Bitcoin under collaborative key control.
Trading
A specialized brokerage execution desk that allows clients to buy and sell Bitcoin with direct settlement into cold storage vaults.
Unchained Signature
A premium advisory service that pairs clients with dedicated Bitcoin specialists for vault management, inheritance planning, and security reviews.
Unchained screenshots
What users say about Unchained
User feedback is overwhelmingly positive, with high praise for Unchained's collaborative multisig security model and intuitive mobile application. The very few complaints focus on bugs such as login captcha issues.
In their own words
“State of the art security for your Bitcoin When it comes to protecting your wealth, choosing the right security solution is of utmost importance. Unchained provides a 2-of-3 multi-sig wallet requiring you to have two hardware devices. They also maintain a third key themselves.”
“Boom! Mobile BTC purchases direct to cold storage 💥 This is so AWESOME! The ability to purchase bitcoin from my phone and have it sent directly into multi-sig cold storage is unparalleled. 🧡”
“Can’t log in because the captcha doesn’t work I’d love to review the actual app…. But I’ve been trying for weeks just to log in, and the captcha never allows me to click on the answers.”
“Super buggy Product was very buggy. Wouldn’t use it with my bitcoin.”
Based on 13 Reddit posts and comments, 25 App Store reviews from the last 12 months, checked Oct 20, 2026. These are posts by users on other sites, not reviews submitted on CryptoReview.
User reviews
No user reviews yet. Have you used Unchained? Share your experience below.
Funding and investors
$110MTotal raised
2Rounds
3Investors
FAQ
Who founded Unchained?
Unchained was founded in 2016 in Austin, Texas by Joe Kelly and Dhruv Bansal. Joe Kelly is the chief executive officer.
What are the loan rates and terms on Unchained?
Borrowers must meet a $150,000 minimum loan requirement, and an origination fee is deducted from the disbursed cash.
Does Unchained rehypothecate loan collateral?
No, Unchained enforces zero rehypothecation by holding collateral in a 2-of-3 multisig vault where the borrower holds one key. Collateral never leaves that vault and can be monitored on-chain at any time.
Which assets and chains are supported by Unchained?
Unchained is exclusively Bitcoin-native. It does not support Ethereum, stablecoins, or any other blockchain assets for vault storage or lending.
Is KYC verification required to use Unchained?
Yes, identity verification is mandatory.
Latest from Unchained on X
On this day 18 years ago, the Bitcoin whitepaper was published. But it didn't come out of nowhere. https://t.co/BVGLbrDaDY
The Binance hack is yet another example of why the exchange issue is pernicious. https://t.co/qoQC5TTKGf
Yesterday's Binance hack dwarfs all others. https://t.co/yuMuvt546H
Stop trading one extreme for another and put your bitcoin in a retirement home. https://t.co/wZC8wN8Udh https://t.co/lJLKoXAHgD
Recent public posts from @unchained, shown as published. Not reviewed or endorsed by CryptoReview.
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