Unchained
Collaborative CustodyUnchained provides collaborative multisig custody where clients hold 2 of 3 keys and Unchained holds 1. This means clients maintain full control — they can always move funds without Unchained's permission — while having a professional backup key holder for recovery and inheritance.
Quick Verdict
With a Custody Score of 7.1/10, Unchained is ranked #1 of 3 among collaborative custody providers. Its strongest category is Fee Transparency and its weakest is Insurance.
Analysis
Score Breakdown
The Custody Score is a weighted average across 8 criteria, each rated 1-10.
| Criterion | Score | Weight | Weighted |
|---|---|---|---|
| Security | 8.5 | 20% | 1.70 |
| Insurance | 4 | 15% | 0.60 |
| Regulatory | 5 | 15% | 0.75 |
| Fee Transparency | 9.5 | 10% | 0.95 |
| Track Record | 8.5 | 15% | 1.27 |
| Withdrawal Flexibility | 9.5 | 10% | 0.95 |
| Reporting & Audit | 6 | 10% | 0.60 |
| Counterparty Diversification | 6 | 5% | 0.30 |
| Total | 100% | 7.1 |
Key Features
- ✓2-of-3 multisig vaults
- ✓Client holds majority of keys
- ✓Inheritance planning (Unchained can assist beneficiaries)
- ✓Bitcoin-backed loans
- ✓IRA accounts
- ✓Concierge onboarding with Bitcoin expert
- ✓Key replacement assistance
Fee Breakdown
| Setup Fee | Free (basic) / $250 (concierge onboarding) |
| Annual Custody Fee | $250/year (Standard) / $1,200/year (Premium) |
| Transaction Fee | No transaction fees for self-managed |
| Withdrawal Fee | Network fees only |
| Notes | Also offers Bitcoin-backed loans. IRA custody available at additional cost. |
Security Details
Key Management
2-of-3 collaborative multisig
Cold Storage
100% (hardware wallets)
SOC Compliance
N/A (client-controlled keys)
Penetration Testing
Yes
Incident History: No incidents
Insurance Coverage
Coverage
Limited — Unchained's key is insured but client keys are client's responsibility
Carrier
Not publicly disclosed
Details
Because client holds majority of keys, insurance model is different from full-custodian solutions. Client bears primary responsibility for key security.
Regulatory Status
Licenses
- FinCEN MSB registration
Not a qualified custodian in the SEC sense — by design, since the client holds majority of keys. This is a feature, not a bug, for self-sovereignty advocates.
Pros & Cons
Pros
- Client always maintains control — can move funds without Unchained
- Excellent for inheritance planning
- Very transparent, affordable pricing ($250-1,200/year)
- Bitcoin-only focus aligns with Bitcoin ethos
- No minimum account balance
Cons
- Client responsible for securing their own keys
- Not a qualified custodian (matters for RIAs/fiduciaries)
- Limited insurance coverage
- Requires hardware wallet knowledge
- Only Unchained holds the backup key — still some single-provider dependence