Bitcoin Financial Services Provider Unchained Raises $60 Million Amid More Bullish Market Sentiment – Bull Market Starting?
As the bullish sentiment slowly returns to the crypto markets, the Unchained platform announced its latest funding round, raising millions to expand its Bitcoin (BTC) financial services.
Investors have poured $60 million into the US-based financial services provider, with the Series B round led by Valor Equity Partners. The latter is an operational growth investment firm focused on investing in high-growth companies and entrepreneurs, serving companies such as BitGo, Lightning Labs, Tesla, and SpaceX.
Per the press release, the initial close was completed on April 11 and included participation from existing investors NYDIG, Trammell Venture Partners, Ecliptic Capital, and Highland Capital Partners.
It added that this Series B "builds further momentum" following a $15 million financing led by cryptocurrency investment platform Ten31 completed last year. Ten31 is the fintech division of the Germany-based WEG Bank.
As for what the money will be used for, the press release stated that,
"Unchained plans to use the new funding to grow its client base and improve upon its core suite of financial services delivered through collaborative custody, as well as expand its product offerings."
Unchained CEO Joe Kelly told The Block that the company gained new customers thanks to the recent crypto failures, despite its trading volumes and loan demand declining with others in the industry.
Kelly was quoted in the press release as saying that the company hopes to enable more people to enter Bitcoin by expanding Unhained's services and reach, thanks to this new capital. These new entrants, Kelly opined, would "leapfrog centralized custodians" straight into the "safer collaborative custody model."
And speaking of the world's number one coin,
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