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AnchorWatch vs. Unchained: Both collaborative multisig — one adds Lloyd's insurance, the other adds financial services.

Last reviewed Common questionsMethodology

About AnchorWatch

CustodyInheritanceWhite Glove

AnchorWatch is a Nashville-based bitcoin custody insurance MGA founded in 2022 and a Lloyd's of London Coverholder since November 2024. It offers a miniscript-based collaborative multisig wallet called Trident Vault, available in three configurations: Flagship Single Key, Flagship Three Key, and an upcoming Multi-Institution Custody (MIC) vault. Coverage is 1-to-1 named property and specie insurance, with binding authority up to $100M per customer and $500M per enterprise.

Who each is for

AnchorWatch is for

Bitcoin holders who want named Lloyd's of London insurance on their bitcoin and are comfortable with AnchorWatch co-signing every transaction while the policy is active. The $250,000 minimum insured value sets a floor on participation.

Unchained is for

Bitcoin holders at any size who want expert-guided collaborative custody where they retain full transaction sovereignty, with optional access to bitcoin-backed loans, an IRA where they hold their own keys, and a chartered trust company. A meaningful long-term position is exactly the kind of holding Unchained is built to serve.

AnchorWatch
Unchained
Trading fee
Not applicable
1.00% standard tier. 0.75% Signature tier.
Minimum purchase
Not applicable
$2,000
Recurring / DCA
Not applicable
Not offered
OTC / large trades
Not applicable
Primary buy channel for all vault clients.
Settlement
Not applicable
Into your multisig vault.
Custody model
Collaborative multisig with required co-signing
Collaborative multisig
Key distribution
Customer holds a keyset, AnchorWatch holds a keyset.
Client holds 2 keys, Unchained holds 1 key.
Default structure
Multisig-of-multisigs via miniscript. Both keysets must sign every transaction while the policy is active.
2-of-3
Other configurations
Flagship Single Key (customer holds 1 device, AnchorWatch holds the remaining keys). MIC vault, coming soon, distributes keys across AnchorWatch, BitGo, and CoinCorner with the customer holding no signing device.
Quorums up to 15-of-16 are supported on the Signature tier. Connections allow sharing keys with trusted parties.
Recovery if a key is lost
Loss of 1 customer device is recoverable through AnchorWatch's replacement process while the policy is active.
Loss of 1 key is recoverable. The remaining 2 keys still meet the 2-of-3 threshold.
Hardware wallets
Coldcard, Blockstream Jade, Ledger
Ledger, Trezor, Coldcard, BitBox, Blockstream Jade
Annual cost
Custody fee starts at $100/month minimum (0.020% of vault value per month up to $2M). Insurance premium is 0.40% to 0.80% of insured value annually, with a $250,000 minimum insured value.
$250/year per vault
Default process
Customer names primary and secondary beneficiaries with time-locked beneficiary access, supported by an Attestation Document and Inheritance Contact Letter. CoinCorner acts as Recovery Partner.
Executor locates 1 client key and contacts Unchained with the Inheritance Protocol documents.
Heir technical knowledge required
Minimal. White-glove beneficiary support is included.
No bitcoin knowledge required. Executor follows written instructions.
Waiting period
Time-locked. Configurable per policy.
None
Executable without company involvement
Yes. Timelocks execute on the Bitcoin network regardless of AnchorWatch's status.
Yes. The client's 2 keys remain operable independently of Unchained.
Cost or included tier
Included with the insurance policy.
Included with Signature. Protocol materials are also available separately.
Account types
Not applicable
Traditional, Roth, SEP
Key control
Not applicable
Client holds 2-of-3 keys in a dedicated IRA vault.
IRA custodian
Not applicable
Fortis Bank (Colorado-chartered, FDIC-supervised)
Account minimum
Not applicable
No minimum balance. $2,000 minimum per trade.
Trading fee
Not applicable
1.50% per trade
Annual fee
Not applicable
$250/year per IRA vault
Lender of record
Not applicable
Unchained (direct lender)
Eligible borrowers
Not applicable
Business entities only (LLC, corporation, single-member LLC)
Minimum loan
Not applicable
$150,000
Interest rate
Not applicable
12.0%
LTV at origination
Not applicable
50% at origination
Collateral custody during loan
Not applicable
Unchained and Fortis Bank each hold one key, which prevents any party from moving bitcoin unilaterally.
RIA
✕
✓
DAF
✕
✓
Trust entity
Not applicable
Gannett Trust Company, LLC
Jurisdiction / charter
Not applicable
Wyoming (chartered May 2025)
Services offered
Not applicable
Personal trust administration, corporate bitcoin treasury, qualified custody, dynasty trusts, and inheritance and estate planning.
Key control
Not applicable
Client-directed. Supports both collaborative custody and qualified custodian configurations.
Minimum assets
Not applicable
Not disclosed
Tier name
Included with all retail insurance policies.
Signature
Annual cost
Bundled with the insurance premium (0.40% to 0.80% of insured value annually).
Personal: $6,000 first year, $4,500 renewal. Business: $7,500/year.
Dedicated contact
Onboarding call with a named contact, plus ongoing policy support.
Dedicated relationship manager with same-day emergency support.
Included services
Pre-policy support, a welcome kit with 3 factory-sealed signing devices, key generation on the onboarding call, policy management, and beneficiary support.
Vault setup, 2 premium hardware wallets, security reviews, ongoing education, and inheritance setup.
Founded
2022
2016
Client funds lent
Non-custodial. AnchorWatch cannot unilaterally move client funds.
Not applicable. No client funds are held, and loans are not rehypothecated.
Proof of reserves
On-chain verifiable per vault output descriptor. Each vault has unique UTXOs.
Not applicable. The client holds their own keys, verifiable on-chain.
SOC certifications
SOC 2 Type 1 (May 2025, Prescient Assurance LLC)
SOC 1 Type II and SOC 2 Type II
US availability
Insurance is US-only, on surplus-lines placement in all 50 states.
Most states (varies by product)
International availability
Trident Vault is available globally. Insurance is US-only.
No

Common questions

In Unchained's 2-of-3 collaborative custody, the client's 2 keys form a quorum on their own; the client can always sign transactions independently of Unchained. AnchorWatch's Flagship Three Key vault is a "multisig of multisigs" via miniscript: the customer's keyset and AnchorWatch's internal keyset must both sign every transaction during an active policy. The AnchorWatch co-signature is what makes the Lloyd's insurance underwritable. Unchained prioritizes transaction sovereignty paired with hands-on guidance. AnchorWatch prioritizes insurability.
AnchorWatch combines an AUM-based custody fee ($100/month minimum, 0.020% per month up to $2M) with an insurance premium (0.40% to 0.80% annually, $250,000 minimum insured value). For a $1M insured position, the total cost is approximately $8,400 per year, plus an onboarding fee and up to $500 per transaction beyond one free per quarter. Unchained is a flat $250 per year per vault with no per-transaction fee. AnchorWatch's pricing reflects an insurance product; Unchained's pricing reflects an expert-supported self-custody platform.
AnchorWatch transfers specific theft, loss, and key-loss risks to Lloyd's of London underwriters through a named policy with $250,000 minimum insured value and a 10% or 25% deductible. Unchained does not sell consumer-facing custody insurance. Instead, Unchained invests in helping clients build durable self-custody: a vault structure where the client holds 2 of 3 keys, a dedicated team that guides setup and key generation, an inheritance protocol, and a trust company for clients who want a fiduciary structure. Both reduce risk; they reduce it through different mechanisms.
AnchorWatch's Flagship vaults support Coldcard, Blockstream Jade, and Ledger (per Terms of Service v1.26, February 2026). The MIC vault, when live, uses a YubiKey for customer authentication only; the customer holds no bitcoin signing device. Unchained supports Coldcard, Blockstream Jade, Ledger, BitBox, and Trezor, and lets the client choose any combination of two for their personal keys.
Coordinate with AnchorWatch to spend down or close the active policy, which unlocks the bitcoin from the multisig-of-multisigs structure to a newly created Unchained vault. Setting up an Unchained vault can be done on your own or with guided assistance from an Unchained expert

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About this guide

These comparisons are maintained by Unchained. We have tried to represent every service accurately and fairly, and where another service does something well that Unchained does not, we say so. Unchained appears as the reference point throughout because every page is built around a single question: how does this service differ from Unchained? That framing is why Unchained is more prominently featured, not because we consider it the default right answer for every reader.

Disclaimer: Unchained's product and service availability may vary by state. Nothing on this page is investment, tax, legal, or financial advice. Investment advisory services are offered only through Gannett Wealth Advisors. Consult your own advisors before making any financial decision. All financial products involve risk, including loss of principal. Bitcoin is volatile, and past performance does not guarantee future results.

This comparison is provided for informational purposes only and is current as of May 2026. Information about other companies is compiled from publicly available sources, including each company's documentation, regulatory filings, terms of service, and third-party reviews. Offerings, fees, terms, and state availability change frequently and may have changed since publication. Verify all information directly with each company before transacting.

References to other companies are for comparison purposes only and do not imply endorsement, partnership, sponsorship, or affiliation. All third-party names and marks are the property of their respective owners and are used for identification only. Reviewed quarterly; corrections will be addressed within five business days. If you represent a company listed here and/or believe information is inaccurate, fill out a feedback form.

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