Unchained now helps customers hold over $2 billion in Bitcoin ScrgruppEn
Unbounda leading provider of Bitcoin financial services, has expanded its cooperative custodian network with the addition of… quincover, a company known for protecting and securing more than 5 million cryptocurrency wallets, according to a press release sent to Bitcoin Magazine. The move aims to strengthen the security of Unchained’s collaborative custody product, which now secures more than $2 billion in bitcoin, representing a 37% year-over-year increase since October 2022.
Unchained, known for its collaborative multi-signature custody, serves institutional investors, corporate treasuries, governments, and retail clients. This approach enhances the decentralized capabilities of the Bitcoin network, requiring at least two private keys to access an account’s Bitcoin holdings. This security measure is designed to mitigate the risks associated with single points of failure, a concern underscored by recent incidents involving custodians like Prime Trust and Fortress Trust, lenders like BlockFi and Celsius, and exchanges like FTX.
“When considering a custody solution, we believe clients should ask themselves two fundamental questions: 1) What happens to your bitcoin if their company disappears, and 2) Can they transfer or access your assets without your knowledge and consent,” Joe Kelly said. Co-Founder and CEO of Unchained. “We believe current solutions fall short of a great answer to both of these questions, and we are excited to move the industry forward with more robust delegated custody solutions.”
The addition of Coincover to the Unchained network enhances custody by increasing the decentralization of keys, ensuring that investors retain full control of their Bitcoin holdings, making them immune to exchange hacks and collapses. With Coincover and Kingdom Trust as custodial partners, Unchained aims to protect customers’ Bitcoin against issues such as re-hypothecation or single points of failure, such as hacks or corporate bankruptcies.
“In a world where Bitcoin is worth $1,000,000 per coin, will Bitcoin’s largest stakeholders still individually trust any single custodian?” said Dhruv Bansal, Co-Founder and CEO of Unchained.
Unchained says it plans to continue expanding its collaborative custodial network by partnering with additional companies while offering options where customers retain control of their private keys.
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