Milestone: Nine Years of Full Transparency
Unchained, the leader in bitcoin-native financial services, has announced it surpassed $1 billion in bitcoin-backed loan originations. With over 4,000 loans issued and a nine-year track record, the company is setting a new standard for transparency and security in Bitcoin lending. Co-founder and CEO Joe Kelly stated: 'Hitting $1 billion in originations is a milestone, but the bigger story is how we got here: nine years, full transparency to our borrowers, and no smoke and mirrors. While others talk about trust, we offer proof. Clients hold a key, verify their collateral on-chain, and know their bitcoin is securely handled. That’s how lending should work.'
Security Model: 2-of-3 Multisig & On-Chain Verification
Unchained uses a 2-of-3 multisignature vault structure that allows borrowers to retain one key and verify their collateral directly on-chain. This design avoids rehypothecation, meaning client collateral is not reused or moved without permission. Head of Lending Jon Melton emphasized: 'Bitcoin-backed lending is a fantastic business squarely aligned with the needs of long-term bitcoin holders. Our commitment to non-rehypothecation and transparency are invaluable to our clients who need to understand the risks of borrowing against bitcoin. When clients pledge their bitcoin, they need to trust their lender. Our product design and growing track record provide a sound basis for that trust.'
Market Outlook & Rate Adjustments
According to HFT Market Intelligence, the bitcoin-backed lending market is projected to grow over 430% by 2030. As scrutiny around custody and rehypothecation deepens, Unchained’s transparent, client-empowered model remains highly attractive. Along with reaching the $1 billion milestone, Unchained has lowered its annual percentage rates (APRs) on loans. While specific rates weren’t disclosed, the company stated the change aims to make borrowing more competitive without altering its custody approach. The company stated: 'As the market for bitcoin financial products expands, and scrutiny around custody and rehypothecation deepens, Unchained’s transparent, client-empowered model remains the most secure and verifiable approach to bitcoin-backed credit.'