Bitcoin and financial services platform Unchained Capital raised $25 million in a series A fundraising round by NYDIG.
Unchained Capital, a financial services platform geared for long-term bitcoin holders, has announced today the initial closing of a $25 million series A capital raise led by institutional bitcoin investment solutions firm NYDIG. In addition, NYDIG has increased its minority stake and added $100 million to its initial lending commitment of $50 million made in February.
“Our initial investment in Unchained began a partnership that has quickly gone from strength to strength,” commented founder and executive chairman of NYDIG, Ross Stevens, in the announcement. “Most importantly, our firms share a united vision around helping to propel an alternative, sound-money financial system, built on bitcoin, open to all, ultimately empowering billions.”
NYDIG’s initial minority equity stake investment made in February allowed Unchained Capital to accelerate its technological development and contributed to a steep increase in Unchained’s bitcoin-collateralized lending business. With the newest round, the two firms plan to offer “collaborative custody arrangements … with the goal to attract more financial institutions to do the same,” per the announcement.
Existing Unchained Capital investors Ecliptic Capital, Starting Line, Stronghold Resource Partners, TVP Bitcoin Venture Fund, Ten31 and Platform Ventures are also participating in the equity round.
Unchained Capital provides a suite of financial services that leverages the Bitcoin network and incentivizes clients to hold their private keys and store long-term wealth in bitcoin, including a multi-signature setup.
NYDIG, on the other hand, provides bitcoin investment and technology solutions to banks, corporations, institutions and high-net-worth individuals. The company has been active in the bitcoin ecosystem, reportedly attracting traditional banks to enter the Bitcoin space in early May.
