Bitcoin-focused financial services platform Unchained Capital has closed its Series A round on $25m.
The investment was led by institutional bitcoin technology platform NYDIG and parent company Stone Ridge Holdings Group. Other commitments to the round came from previous backers Ecliptic Capital, Starting Line, Stronghold Resource Partners, TVP Bitcoin Venture Fund, Ten31, and Platform Ventures.
In addition to increasing its minority stake in the business, NYDIG made an incremental lending commitment of $100m into the FinTech company to support the development of its lending platform. Following this commitment, NYDIG has made a total lending commitment of $150m into Unchained Capital.
NYDIG initially deployed $50m in lending to Unchained Capital, alongside an investment to its $5.5m seed round. Unchained Capital claims their partnership has had immediate results, enabling the company to accelerate the development of its technology and financial services platform. It also claims to have supported its five-fold increase in bitcoin-collateralized lending business over the past six months.
The companies hope their partnership will foster collaborative custody arrangements to further increase security and with the goal of attracting more financial institutions to do the same.
Unchained head of business development Capital Parker Lewis said, “The partnership between NYDIG and Unchained makes sense on so many levels. Ross Stevens, Robby Gutmann and the entire NYDIG team share a north star in bitcoin. This is not just an investment; it is about bitcoin-minded entrepreneurs fully aligned to create value for bitcoin.”
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