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Nexo vs. Unchained: A global crypto lender returns to the US, multisig collateral stays put.

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About Nexo

Loans

Nexo is a global crypto-backed credit platform founded in 2017, with operations centered in Sofia, Bulgaria. It supports 80+ crypto assets across 100+ countries, with rates from 2.9% APR (Platinum loyalty tier at low LTV) up to 18.9% (base tier). Custody is held by third-party qualified partners (Ledger Vault, BitGo, Fidelity Digital Assets) with real-time proof-of-reserves attestation (Armanino LLP through 2021, later via TrustReserve), SOC 2 Type 2, and ISO 27001/27017/27018 certifications — the most disclosed transparency stack of any lender in this comparison. After a $45M settlement with the SEC and state regulators in January 2023 over an unregistered Earn product, Nexo exited the US and returned in 2025–2026 through a Bakkt-fronted partnership using Bakkt's money transmitter licenses and NYDFS-supervised custody warehouse.

Who each is for

Nexo is for

Borrowers who want the largest available multi-asset crypto credit platform, the lowest published rates for high-balance Platinum-tier clients, and a global product across 100+ countries.

Unchained is for

US business entities who want bitcoin-specific multisig collateral they can verify on-chain, with a clearly identified single US-regulated lender rather than a multi-entity global structure.

Nexo
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
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
Lender of record
Nexo entities directly outside the US. In the US (relaunched February 2026), through Bakkt under Bakkt's money transmitter licenses and NY BitLicense.
Unchained (direct lender)
Eligible borrowers
Individuals and businesses across 100+ countries; US relaunched February 2026 via Bakkt.
Business entities only (LLC, corporation, single-member LLC)
Minimum loan
$50 for stablecoin loans; $500 for fiat (USD) loans
$150,000
Interest rate
2.9% to 18.9% APR, tiered by Nexo loyalty status and LTV. Custom rates at $100,000+.
12.0%
LTV at origination
Up to 50% on BTC and ETH; up to approximately 90% on stablecoin collateral
50% at origination
Collateral custody during loan
BitGo, Fireblocks, Ledger Vault, and Fidelity Digital Assets globally. For US clients post-relaunch, Bakkt's NYDFS-supervised Bakkt Warehouse. Borrower holds no keys. Approximately $775M custodial insurance promoted (Ledger Vault/BitGo via Lloyd's underwriters).
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
2017 (platform launch 2018)
2016
Client funds lent
Nexo's Earn model deploys client assets to generate yield. Treat collateral as potentially rehypothecated and verify current loan-collateral handling directly.
Not applicable. No client funds are held, and loans are not rehypothecated.
Proof of reserves
Real-time on-chain attestation (Armanino LLP through 2021; later via TrustReserve).
Not applicable. The client holds their own keys, verifiable on-chain.
SOC certifications
SOC 2 Type 2, ISO 27001, ISO 27017, ISO 27018
SOC 1 Type II and SOC 2 Type II
US availability
Relaunched February 2026 via Bakkt partnership. State-by-state availability follows Bakkt's money transmitter footprint; the full list is not enumerated in launch materials.
Most states (varies by product)
International availability
Yes. Active in 100+ countries.
No

Common questions

Nexo settled with the SEC and state regulators (including NY AG and others under NASAA) for $45M in January 2023 over its unregistered Earn Interest Product and subsequently wound down US operations. In February 2026, Nexo returned to the US through a partnership with Bakkt, which provides a US-regulated front-end (money transmitter licenses, NY BitLicense, and a NYDFS-supervised custody warehouse). A separate $500,000 California DFPI penalty for prior unlicensed lending was finalized in January 2026. Borrowers evaluating Nexo in 2026 are interacting with the post-settlement, Bakkt-fronted US product, not the pre-2023 structure.
Nexo uses qualified third-party custodians (BitGo, Fireblocks, Ledger Vault, Fidelity Digital Assets globally; Bakkt Warehouse for US clients) and the borrower holds no keys. Unchained's collateral sits in a 2-of-3 multisig vault where the borrower holds 1 key and can verify the collateral on-chain at any time during the loan. The two models offer different protections: institutional insurance and qualified custody at Nexo; direct cryptographic key control at Unchained.
Nexo's 2.9% APR applies to Platinum-tier clients (which generally requires holding 10%+ of portfolio in NEXO token) at the lowest LTV bucket. Base-tier rates run up to 18.9%. Unchained's 12.0% APR is a single published commercial rate at 50% LTV. The comparison depends on which Nexo tier you actually qualify for and whether you are willing to hold the NEXO token to maintain Platinum status.
Yes. Nexo operates in 100+ countries globally, with country-specific exclusions for sanctioned jurisdictions. Unchained is US-only. International borrowers seeking a bitcoin-backed loan from a US lender would typically look at Strike or Ledn before Unchained.

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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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