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Cash App vs. Unchained: The largest US bitcoin on-ramp, custodial throughout.

Last reviewed Common questionsMethodology

About Cash App

TradingPayments

Cash App is a financial services product operated by Block, Inc., launched in 2013 and expanded to support bitcoin buying and selling in 2018. With 57 million monthly active users, it is the single largest bitcoin on-ramp in the US by reach. Cash App is custodial: Block holds all client bitcoin keys, and operates on a 1:1 full-reserve basis without lending client bitcoin. Block received combined enforcement actions exceeding $120M in 2025 for prior anti-money-laundering compliance failures.

Who each is for

Cash App is for

US clients who want a familiar phone-app experience for buying small amounts of bitcoin, sending Cash App payments, and using bitcoin in everyday consumer flows.

Unchained is for

Holders who want the structural protection of holding their own keys on a meaningful bitcoin position, outside the consumer app ecosystem.

Cash App
Unchained
Trading fee
Service fee plus spread, shown at order confirmation. Typically 1.5–2.3%.
1.00% standard tier. 0.75% Signature tier.
Minimum purchase
$1
$2,000
Recurring / DCA
Available at daily, weekly, biweekly, or monthly frequencies.
Not offered
OTC / large trades
Not offered
Primary buy channel for all vault clients.
Settlement
Into a Block custodial balance.
Into your multisig vault.
Custody model
Not applicable
Collaborative multisig
Key distribution
Not applicable
Client holds 2 keys, Unchained holds 1 key.
Default structure
Not applicable
2-of-3
Other configurations
Not applicable
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
Not applicable
Loss of 1 key is recoverable. The remaining 2 keys still meet the 2-of-3 threshold.
Hardware wallets
Not applicable
Ledger, Trezor, Coldcard, BitBox, Blockstream Jade
Annual cost
Not applicable
$250/year per vault
Default process
Not applicable
Executor locates 1 client key and contacts Unchained with the Inheritance Protocol documents.
Heir technical knowledge required
Not applicable
No bitcoin knowledge required. Executor follows written instructions.
Waiting period
Not applicable
None
Executable without company involvement
Not applicable
Yes. The client's 2 keys remain operable independently of Unchained.
Cost or included tier
Not applicable
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
Payments
✓
✕
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
2013
2016
Client funds lent
Full reserve. No rehypothecation.
Not applicable. No client funds are held, and loans are not rehypothecated.
Proof of reserves
Not disclosed
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
All 50 states
Most states (varies by product)
International availability
No
No

Common questions

No. Cash App holds all client bitcoin keys. Clients can withdraw bitcoin to an external wallet, but bitcoin in a Cash App account is custodial. Cash App enforces limits on how much bitcoin can be withdrawn per day or week.
Yes, both are products of Block, Inc., but they are separate offerings with different custody models. Cash App is custodial; Bitkey is a collaborative-custody hardware product where the client holds the majority of keys. See the Unchained vs. Bitkey comparison for details on Bitkey.
With 57 million monthly active users, Cash App is the largest bitcoin holder of customer balances among consumer apps. Block operates as a public company with SEC oversight and on a full-reserve basis. The structural fact remains that bitcoin in a Cash App account is custodial; clients are reliant on Block's continued operation and regulatory standing. The 2025 enforcement actions for past AML/BSA compliance failures totaled over $120M.
Yes. Cash App supports on-chain bitcoin withdrawals. A common pattern is to accumulate on Cash App, then withdraw to an Unchained vault for long-term cold storage. Unchained recommends making vault deposits larger than 0.015 BTC to save on bitcoin network fees.
While Cash App supports direct Lightning integration for small everyday payments, Unchained's cold-storage security makes this impossible. Unchained clients can transfer funds to any address of choice, but this is better suited for securely moving larger balances with less time sensitivity.

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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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