Unchained Forms Strategic Alliance with Bakkt to Enhance Bitcoin Custody Network

blockchain.news:

Unchained, a player in the bitcoin financial services sector, has announced a strategic partnership with Bakkt on November 15, 2023, marking a significant expansion of its Collaborative Custody Network. This alliance not only strengthens Unchained’s position in the cryptocurrency custody landscape but also enhances its capability to secure over $3 billion in bitcoin assets for its clients. The announcement reflects Unchained's substantial growth, with a nearly 40% increase in secured bitcoin assets since October 2022.

Established in 2016, Unchained has been instrumental in helping individuals and businesses gain true ownership of their wealth through bitcoin key holding. The company's collaborative custody model, which combines the advantages of financial services with the benefits of self-custody, stands as a testament to consumer protection in the uncertain economic climate. With its headquarters in Austin, Texas, Unchained’s network now includes Bakkt, alongside Coincover and Kingdom Trust, offering an unmatched breadth in the industry for secure bitcoin storage.

The inclusion of Bakkt, founded in 2018 by Intercontinental Exchange, Inc. (ICE) and renowned for its institutional-grade custody, trading, and onboarding capabilities, complements Unchained’s commitment to providing secure and compliant crypto infrastructure. Bakkt Custody, operated by Bakkt Trust Company LLC and an NYDFS Qualified Custodian, adds significant credibility to Unchained's custody solutions, reinforcing client confidence in asset safety.

Unchained's innovative approach to bitcoin treasury security involves a model requiring multiple private keys for access, thereby reducing risks associated with exchange hacks and self-custody challenges.