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NYDIG, Stone Ridge Lead $25M Funding Round for Unchained Capital
NYDIG also committed to lend Unchained another $100 million, for a total commitment of $150 million.
Updated Sep 14, 2021, 1:06 p.m. Published Jun 4, 2021, 2:18 p.m.
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.
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- 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.
Read more: Bridgewater Associates CFO Leaves Dalio to Join Institutional Bitcoin Firm NYDIG
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