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About Unchained
Unchained is a financial services firm for bitcoin holders, serving long-term individuals, family offices and companies that carry bitcoin on their balance sheet. Its core is collaborative custody: clients hold one key of a 2-of-3 multisig vault, Unchained holds a second and a recovery key is stored separately, so no single institution controls the private keys; trading, fiat loans, bitcoin retirement accounts and inheritance planning are layered on top, and the quorum can be set at 2-of-3 or 3-of-5, adjusted to the size of the holding and the inheritance plan.
In lending, collateral stays inside the multisig vault, the borrower keeps one key, the lender gains no rehypothecation rights and the balance can be checked onchain at any time; bitcoin bought through the trading desk settles straight into the vault rather than an exchange account. Compared with a fully custodial bank, it leaves control on the client side while the operating team absorbs the work of key management and estate handover.
Unchained was founded in 2016 by Joe Kelly and Dhruv Bansal, issued its first bitcoin-backed loan in 2017, and launched collaborative custody in 2019, allowing clients to retain control of their bitcoin private keys.
Unchained raised a $3M seed round in 2018, a $25M Series A in 2021, and a $15M Series A extension in 2022.
Unchained released the open-source multisig wallet tool Caravan in 2020 and launched a bitcoin IRA where clients hold their own keys; in February 2023, it completed SOC 1 Type 2 and SOC 2 Type 2 audits.
Unchained closed a $60M Series B led by Valor Equity Partners in April 2023, with Valor partner Vivek Pattipati joining the board; in July 2023, it launched Unchained Signature for high-net-worth individuals and institutions.
Unchained surpassed $1B in cumulative loans originated in 2025, and Gannett Trust received a Wyoming charter; in 2026, Unchained launched Premium Service Suites.
In February 2026, Unchained entered into a consent order with the California DFPI over loan underwriting violations, paid a $200,000 fine, and adopted revised underwriting policies; CEO Joseph Kelly signed the order on January 30, 2026.
In July 2026 Unchained repositioned its bitcoin-backed lending as a commercial product for companies, funds and family offices: a 150,000 dollar minimum, no credit check, interest-only monthly payments, no prepayment penalty, and an institutional desk for financings above 5 million dollars.
Collaborative custody remains built on 2-of-3 multisig, with the client holding two keys and Unchained one, so neither side can move funds alone. Its bitcoin IRA lets holders keep keys inside traditional, Roth and SEP accounts for a 250 dollar annual fee, while the Signature tier at 6,000 dollars a year covers up to ten vaults plus a dedicated manager, same-day emergency support and inheritance planning. Industry reviews in August 2026 still listed it among the few multisig options for large holders.
Unchained keeps client-held keys as its floor while expanding enterprise custody, lending and trading desk services, bundling estate planning, trust integration and operational security reviews for high-net-worth clients.
Joe Kelly — Co-founder & CEO; co-founded Unchained with Dhruv Bansal in 2016 and leads collaborative custody and bitcoin financial services.
Dhruv Bansal — Co-founder & Chief Strategy Officer; oversees technical architecture and strategy.
Will Cole — Chief Product Officer.
Brandon Hudgeons — General Counsel.
Unchained obtained a 2025 Wyoming state trust company charter for its Gannett Trust Company subsidiary, permitting bitcoin trust administration and qualified custody; its Gannett Wealth Advisors arm is a US Securities and Exchange Commission registered investment adviser.