Bitcoin-focused Unchained raises $60 million in Series B funding

Bitcoin-focused company Unchained raised $60 million in a Series B funding round led by Valor Equity Partners.

We are excited to announce a $60 million Series B funding round led by Valor Equity Partners. Read more about our Series B, a new look for our brand, and coming expansions to our product suite here: https://t.co/L9tPTDSSKf pic.twitter.com/jvi8s4i7HR

— Unchained (@unchainedcom) April 18, 2023

Among other investors were: NYDIG, Trammell Venture Partners, Ecliptic Capital and Highland Capital Partners.

Last autumn the company closed a Series A round of $15 million. The total capital raised by the company, including the latest round, reached $115 million.

The firm was founded in 2016 in Austin, Texas. It provides custodial services to retail and institutional clients, as well as lending and trading services.

CEO Joe Kelly of Unchained emphasized that recent upheavals such as collapse of FTX helped the company attract new customers, despite a drop in loan demand and a decline in trading volumes.

The raised funds will be used to launch new products, including mobile apps.

«We believe that Bitcoiners are born every minute — they simply don’t know it yet, — said Kelly. — By staying true to the first cryptocurrency and its technology, we look forward to the influx of both newcomers and experienced supporters of Bitcoin. We are accelerating the arrival of the future based on sound money and non-custodial storage».

The company will also gradually increase its headcount, although in November it had to пришлось сократить около 15% работников.

Earlier, Custodia CEO Caitlin Long noted a rise in interest in Bitcoin amid the banking crisis.