Unchained Capital, a bitcoin financial services firm, raised $25 million in Series A funding led by crypto-asset management heavyweight NYDIG and its parent company, Stone Ridge Holdings.
- Existing investors including Ecliptic Capital, Starting Line and TVP Bitcoin Venture Fund also participated in the equity round, according to an announcement Friday.
- NYDIG, in addition to the investment, made an incremental lending commitment of $100 million, for a total $150 million.
- Unchained focuses solely on bitcoin.
- "Historically, there has been a lack of investment in bitcoin-dedicated infrastructure, often in favor of platforms supporting many digital currencies, but Unchained Capital expects this raise to be the first of a growing trend of bitcoin-only businesses attracting capital investment at the scale which has long been deserved," Parker Lewis, head of business development at Unchained, said.
- Unchained and NYDIG also plan to offer collaborative custody services in which both hold private keys with the intention of encouraging more financial institutions to do the same.