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Ledger vs. Unchained: A hardware wallet alone, or inside collaborative custody.

Last reviewed Common questionsMethodology

About Ledger

Custody

Ledger is a French hardware wallet manufacturer founded in 2014, with over 7 million devices sold and support for 15,000+ tokens across 90+ blockchains. Its devices use closed-source firmware with proprietary secure-element chips. Ledger products are compatible with Unchained vaults and can serve as one or both client keys in a collaborative multisig setup. The 2020 data breach exposed home addresses for 272,000 customers, creating a documented physical-security concern for identified bitcoin holders.

Who each is for

Ledger is for

Bitcoin holders who want a multi-asset hardware wallet at low cost and are comfortable managing seed phrases as the sole backup.

Unchained is for

Holders who want their Ledger device to be 1 of 3 keys in a collaborative multisig where a single lost device or seed phrase is not catastrophic, with optional access to financial services.

Ledger
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
Ledger Recover (paid subscription) shards the seed phrase across third parties. Ledger Enterprise Multisig is offered for institutions.
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
Ledger only
Ledger, Trezor, Coldcard, BitBox, Blockstream Jade
Annual cost
No annual fee. The device is a one-time $79 to $399 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
2014
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

Complementary in practice. Ledger devices are compatible with Unchained vaults; many Unchained clients use a Ledger as 1 of their 2 hardware keys inside a 2-of-3 collaborative multisig. Standalone, a Ledger has a single point of failure (lose both the device and the seed phrase, and the bitcoin is permanently lost). Inside Unchained's setup, losing one device is recoverable.
In June 2020, an attacker accessed Ledger's customer database via a third-party CRM, exposing email addresses, names, phone numbers, and physical addresses for approximately 272,000 customers. Subsequent phishing and physical-security incidents have been linked to that leak. The breach did not expose private keys or bitcoin, but it created ongoing risk for identified bitcoin holders.
No. Ledger's firmware is closed-source, and its secure-element chips use proprietary architectures. The Ledger Recover service announced in 2023, which allows seed-phrase sharding across third parties, was controversial in the bitcoin community because it demonstrated that firmware can be updated to extract key material with user consent. Coldcard and Trezor publish open-source firmware.
Yes. You can hold bitcoin on a Ledger today, then transfer it to an Unchained vault by initiating a withdrawal from your Ledger to the Unchained vault's receive address. The Ledger can simultaneously be used as one of your two client keys protecting the multisig vault.
Yes. Unchained sells supported hardware wallets through its platform, and Signature memberships include two premium hardware wallets. Clients can also purchase devices directly from manufacturers and connect them to Unchained vaults.

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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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