Unchained Capital announced in a Tuesday press release that it had completed a $60-million Series B round of funding led by Valor Equity Partners, and which included crypto asset management giant NYDIG.

A source with CoinDesk said that the round was opened to investors in the middle of the first quarter and closed initially in April, including more than half the total amount raised. The new capital will be used to expand the product offering, improve the product suite and grow the clientele.

Unchained itself wasn’t immune to the pressures of crypto winter, having a href=”https://www.coindesk.com/business/2022/11/18/bitcoin-financial-services firm-unchained -capital reducing staff reshuffling management/” rel=”noopener” target=”_blank”>cut its workforce/a> by 15% in mid November 2022. Unchained was not immune to the pressures caused by crypto winter. In mid-November 2022, had cut its staff 15%.

Unchained, based in Austin, Texas offers a collaborative solution for custody that allows users to share control over their bitcoins between private keys they hold and those held by Unchained or other financial service providers. The model uses bitcoin’s multisignature features to provide the benefits of self custody without the risks associated with a single-point of failure. For example, a key that is lost or stolen. Unchained does not have the capability to use or move client funds independently, as was the case with the collapse of crypto exchange FTX. Unchained has secured over $2 billion worth of bitcoins across thousands keys.

Unchained also offers bitcoin-collateralized loans and has originated over $500 million of such loans since 2017 The firm’s other services include a trading desk, where clients can directly buy bitcoin and an IRA offering.

Vivek Pattati, a Valor partner who will join the Unchained Board of Directors, said: “In the middle of market chaos, Unchained emerged as a highly respected provider of bitcoin custody, financial services, and regulatory compliance through superior technology, management of risk, and client service.” “In particular, in lending, the firm has distinguished itself by minimizing the risk for both the lender as well as the borrower. This has led to resilience and an exceptional opportunity to capture the market share.”

Trammell Venture Partners and Highland Capital Partners were also investors. NYDIG co-led Unchained Capital’s 25 million Series A in June 2021.

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