Unchained, a key player in the bitcoin financial services sector, has announced a strategic partnership with Bakkt on November 15, 2023. This marks a significant expansion of Unchained’s Collaborative Custody Network, enhancing its capacity to secure over $3 billion in bitcoin assets for its clients. The partnership not only strengthens Unchained’s position in the cryptocurrency custody landscape but also reflects the company’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, based in Austin, Texas, provides the benefits of self-custody and financial services. Now, Unchained’s network includes Bakkt, Coincover, and Kingdom Trust, offering an unmatched breadth in the industry for secure bitcoin storage.
Bakkt, founded in 2018 by Intercontinental Exchange, Inc. (ICE), is renowned for its institutional-grade custody, trading, and onboarding capabilities, adding significant credibility to Unchained’s custody solutions. Bakkt Custody, operated by Bakkt Trust Company LLC and an NYDFS Qualified Custodian, complements Unchained’s commitment to providing secure and compliant crypto infrastructure, reinforcing client confidence in asset safety.
Unchained’s 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. Clients have the flexibility to hold a private key or distribute it among trusted custodians, including Bakkt. This method resonates with Unchained’s belief that a decentralized custody solution is more robust than relying on a single custodian.
Gavin Michael, CEO and President of Bakkt, highlights the critical need for qualified custody in the volatile cryptocurrency market. He emphasizes the importance of security and compliance as Bakkt’s core values, anticipating a successful collaboration with Unchained. Joe Kelly, CEO and co-founder of Unchained, also expresses his enthusiasm for the partnership with Bakkt, emphasizing the alignment of both companies in prioritizing client asset security.
This collaboration follows the recent addition of Coincover to Unchained’s network in October. As Unchained continues to expand its custody partnerships, it maintains a focus on empowering clients with unilateral control over private keys, a cornerstone of secure and autonomous asset management. Unchained and Bakkt are scheduled to host a joint webinar on November 16, 2023, to discuss the intricacies and advantages of collaborative custody as a risk management solution.
### News source: blockchain.news