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Bitkey vs. Unchained: Both collaborative custody, different recovery design and ecosystem scope.

Last reviewed Common questionsMethodology

About Bitkey

CustodyInheritance

Bitkey is a bitcoin-only self-custody product developed by Block, Inc., launched in 2023 and updated in April 2026. It uses a 2-of-3 multisig where the user holds a hardware device key and an app key on a mobile phone, and Block holds a server-side recovery key. Bitkey eliminates seed phrases in favor of an Emergency Exit Kit that allows recovery without Block's involvement. It is bitcoin-only and does not require KYC for the device itself.

Who each is for

Bitkey is for

Bitcoin holders who want collaborative custody without managing seed phrases, with a smartphone-first user experience and integration with the Cash App ecosystem.

Unchained is for

Holders who want collaborative custody using independent industry-standard hardware wallets, with a path to financial services like IRAs and bitcoin-backed loans.

Bitkey
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
Collaborative multisig
Key distribution
Client holds 2 keys (a hardware key and a mobile app key). Block holds 1 server-side recovery key.
Client holds 2 keys, Unchained holds 1 key.
Default structure
2-of-3
2-of-3
Other configurations
No alternative configurations. Bitkey does not support other hardware wallets or quorum sizes.
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 key is recoverable. The Emergency Exit Kit allows recovery even without Block.
Loss of 1 key is recoverable. The remaining 2 keys still meet the 2-of-3 threshold.
Hardware wallets
Bitkey device only. Not compatible with Ledger, Trezor, Coldcard, or other signers.
Ledger, Trezor, Coldcard, BitBox, Blockstream Jade
Annual cost
No annual fee. The device is a one-time $150 purchase.
$250/year per vault
Default process
Beneficiary initiates an in-app claim flow using the Bitkey app.
Executor locates 1 client key and contacts Unchained with the Inheritance Protocol documents.
Heir technical knowledge required
Minimal. The flow is app-driven.
No bitcoin knowledge required. Executor follows written instructions.
Waiting period
6 months on the standard configuration.
None
Executable without company involvement
No. The in-app inheritance flow requires Block. (The separate Emergency Exit Kit allows non-Block recovery but is not the inheritance flow.)
Yes. The client's 2 keys remain operable independently of Unchained.
Cost or included tier
Included. No separate fee.
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
Not applicable
Signature
Annual cost
Not applicable
Personal: $6,000 first year, $4,500 renewal. Business: $7,500/year.
Dedicated contact
Not applicable
Dedicated relationship manager with same-day emergency support.
Included services
Not applicable
Vault setup, 2 premium hardware wallets, security reviews, ongoing education, and inheritance setup.
Founded
2023
2016
Client funds lent
Non-custodial. Block holds 1 cosigning key but no client funds.
Not applicable. No client funds are held, and loans are not rehypothecated.
Proof of reserves
Not applicable. Non-custodial.
Not applicable. The client holds their own keys, verifiable on-chain.
SOC certifications
Not disclosed
SOC 1 Type II and SOC 2 Type II
US availability
Available
Most states (varies by product)
International availability
Yes. Expanding.
No

Common questions

A traditional hardware wallet (Ledger, Trezor, Coldcard) gives the user a seed phrase as the sole backup; losing both the device and the seed phrase means permanent loss. Bitkey replaces the seed phrase with multisig: the user holds the device key and an app key on their phone, and Block holds a server key. Losing the device alone is recoverable. Unchained's collaborative custody applies the same principle, with the client holding 2 independent hardware wallet keys, either of which could be lost or stolen while maintaining a path to recovery.
No. Bitkey's vault structure requires the Bitkey device, the Bitkey mobile app, and Block's server. It is not interoperable with Ledger, Trezor, Coldcard, or other signers. Unchained supports a broad range of independent hardware wallets.
Bitkey's Emergency Exit Kit lets a user recover their bitcoin without Block by extracting key material in a format usable in standard wallet software. Unchained clients hold 2 of 3 keys themselves, so they can recover without Unchained using Caravan or any multisig-compatible software. Both are designed to survive the company shutting down; the mechanics differ.
Block's server key sits in their cloud infrastructure rather than on a dedicated hardware security device the client controls. For most threat models this is acceptable because the server key alone cannot spend funds. For the highest-security threat models (where the client wants no key in a corporate cloud environment), Unchained's use of an independent in-house Unchained key may be preferred.
Use Bitkey to send bitcoin on-chain to a new Unchained vault. Because the Bitkey ecosystem is closed (the device only works with Bitkey's app and Block's server), the Bitkey hardware itself cannot be carried over and the client will set up new keys on their choice of supported hardware (Coldcard, Blockstream Jade, Ledger, BitBox, or Trezor) during Unchained's guided onboarding.

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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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