Despite the recent stagnant performance of Bitcoin‘S BTC/USD Value, unleasheda company that specializes in providing financial services exclusively for bitcoin announced its growth and $60 million Series B financing round.

What happened: stated unleashed Valor Equity Partner led the first closure of the round last week, including other participants NYDIG, Trammell Venture Partners, Ecliptic Capital And Highland Capital Partners.

Although the company did not disclose the size of the initial deal, the block was reported a source said it was about $30 million, with another $20 million already pledged.

Once the Series B round closes, Unchained’s total funding to date will reach $115 million.

The company also announced a $15 million Series A renewal round led by Ten31 that closed last fall.

Founded in 2016 and headquartered in Austin, Texas, Unchained provides Bitcoin custody, lending and trading services to retail and institutional clients.

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The company’s “collaborative” custodial model, which combines the benefits of self-custody with the company’s backup for customers who lose a private key, has stalled its growth amid the collapse of centralized crypto platforms such as crypto FTX And BlockFi.

“Unchained is in a remarkable position at a time when many other lenders and financial services firms in the industry have gone bankrupt,” said Unchained’s CEO Yo Kelly called. “We have a strong market position from which to grow our brand and customer base with a proven track record and secure custody model.”

Why it matters: Kelly also noted that recent failures in the cryptocurrency sector have resulted in an influx of new customers for Unchained, despite a general drop in trading volume and loan demand.

Kelly attributed the company’s “zero loan losses” to its consistently low loan-to-value (LTV) ratio of 40% to 50% and its policy against re-hypothecation of client assets.

The…