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Coldcard vs. Unchained: Air-gapped bitcoin hardware, alone or as one key in collaborative custody.

Last reviewed Common questionsMethodology

About Coldcard

Custody

Coldcard is a bitcoin-only hardware wallet made by Coinkite, founded in 2012. It is built for a fully air-gapped workflow: transactions can be signed via MicroSD card, NFC, or QR code without ever connecting the device to a computer. It can also be used over USB through a virtual-disk mode for users who prefer that. Its firmware is reproducible and independently verifiable, and the device is bitcoin-only by manufacturer philosophy. Coldcard devices are compatible with Unchained vaults as 1 of the 3 keys in a collaborative multisig setup.

Who each is for

Coldcard is for

Bitcoin holders who want the most security-conscious self-custody hardware, with an air-gapped option and reproducible firmware they can verify themselves.

Unchained is for

Holders who want the Coldcard they already trust to be 1 of 3 keys in a collaborative multisig where a single lost key is recoverable, with optional access to financial services.

Coldcard
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
Singlesig self-custody
Collaborative multisig
Key distribution
User holds the only key.
Client holds 2 keys, Unchained holds 1 key.
Default structure
1-of-1
2-of-3
Other configurations
BIP-85 derives child wallets from a master seed. The device also supports being used as one signer inside a multisig setup coordinated by external software.
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 the key is permanent. The key is intact if either the device or the seed phrase survives.
Loss of 1 key is recoverable. The remaining 2 keys still meet the 2-of-3 threshold.
Hardware wallets
Coldcard only
Ledger, Trezor, Coldcard, BitBox, Blockstream Jade
Annual cost
No annual fee. The device is a one-time $169.94 to $249 purchase.
$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
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
2018
2016
Client funds lent
Not applicable. Hardware vendor, no client funds held.
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. Hardware manufacturer, not a custodian.
SOC 1 Type II and SOC 2 Type II
US availability
Available
Most states (varies by product)
International availability
Yes. Worldwide.
No

Common questions

Air-gapped hardware wallet operation means that the device never needs to be directly connected to another internet-connected computer. Instead, information is passed via MicroSD card, NFC, or QR, offering better transparency for what's happening with the device that holds your private key information. Air-gapped devices are often considered a security enhancement. An Unchained vault can use one or two Coldcards with the same air-gapped workflow.
Compatible. Coldcard is one of the supported hardware wallets for Unchained vaults; many Unchained clients use a Coldcard as one or both of their hardware keys in a 2-of-3 collaborative multisig. The real choice is between using Coldcard alone (single-point-of-failure self-custody) versus using it inside Unchained's structure (where losing one device is recoverable).
Coldcard's firmware can be rebuilt from public source code and verified byte-for-byte against the official release. This lets anyone confirm that the firmware running on a device matches the published source, without trusting Coinkite. This is the highest level of supply-chain transparency available among hardware wallets and exceeds what Ledger and Trezor offer (Trezor publishes source code; Coldcard publishes source code plus reproducible builds).
Yes. Coldcard supports BIP-174 PSBT and standard multisig configurations natively, including the structure Unchained uses. Multisig setup, key registration, and transaction signing can all happen on the device with the wallet descriptor exported via MicroSD.
You are not paying for the hardware (you already have it). You are paying for the Unchained-held third key, the platform that coordinates multisig signing, technical support from experts, the optional financial services (trading, IRA, loans, inheritance), and the recovery framework if a key is ever lost. If single-point-of-failure risk on your Coldcard is acceptable to you, Unchained's service is not necessary; if not, it converts your Coldcard from a single point of failure into 1 of 3 independent keys.

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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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