Unchained, a leader in financial services tailored for bitcoin holders, has seen a 170% upsurge in loans backed by bitcoin from the first quarter to the second quarter of 2023, according to a press release sent to Bitcoin Magazine. The company also saw a 88% spike in institutional and corporate accounts, a 67% leap in private client subscriptions, and a 260% surge in its inheritance service clientele.
“Unchained is committed to providing the ease and sophistication of traditional financial services without compromising the financial sovereignty that bitcoin enables,” said Joe Kelly, co-founder and CEO of Unchained. “Our clients choose Unchained because our collaborative custody technology gives them the greatest possible control and transparency over their funds. The collapse of our former competitors that operated as third-party custodians, albeit unfortunate, proved to be effectual marketing for Unchained.”
In 2022, Bitcoin holders witnessed market events such as the collapse of insolvent and fraudulent lenders that parted customers from over $5 billion and sent BTC plummeting by over 65%. This surge in Unchained’s activity is representative of the confidence BTC holders place in both the company’s platform and the resilience of bitcoin as an asset.
The yearning for greater security and control over assets is further showcased by the fact that the proportion of bitcoin held on exchanges has plunged to a five-year low of 12% during the first half of 2023. In contrast, Unchained has experienced an 88% expansion in business accounts during this period. As the sole US-licensed provider of collaborative custody services for businesses, Unchained’s allure persists amongst institutional and corporate BTC holders who want to utilize multi-signature asset storage as a means to mitigate counter-party risks.
This sentiment is further highlighted by the popularity of Unchained Signature – Unchained’s premium service tailored for high-net-worth individuals, institutions, and corporations, which witnessed a 67% surge in subscriptions during Q2.