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Nunchuk vs. Unchained: Both bitcoin-only collaborative multisig — open-source versus integrated services.

Last reviewed Common questionsMethodology

About Nunchuk

CustodyInheritance

Nunchuk is a bitcoin-only multisig software company founded in 2020. Its core library is open-source under GPL-3.0, and it is available worldwide with no KYC. Paid plans (Iron Hand $120/year, Honey Badger $480/year, Honey Badger Premier $2,100/year) include a Nunchuk-held platform key that cannot spend funds on its own. Nunchuk's inheritance product supports on-chain Miniscript timelocks that execute autonomously on the Bitcoin network.

Who each is for

Nunchuk is for

Privacy-conscious or international holders who want open-source, no-KYC multisig and the strongest available company-independent inheritance design.

Unchained is for

US holders who want collaborative custody alongside a trading desk, an IRA, bitcoin-backed business loans, or fiduciary wealth management.

Nunchuk
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 the majority of keys. Nunchuk holds 1 platform key on paid plans, and no key on the Free plan.
Client holds 2 keys, Unchained holds 1 key.
Default structure
2-of-3 on Iron Hand (the default paid plan). The Free plan is DIY with no Nunchuk key.
2-of-3
Other configurations
Honey Badger uses 2-of-4 with an inheritance key. Honey Badger Premier uses 3-of-5 with 2 inheritance keys.
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 under the 2-of-3 threshold. Open-source recovery is also possible: any multisig software (Sparrow, Electrum, Bitcoin Core) can recover the wallet given the descriptor and required keys.
Loss of 1 key is recoverable. The remaining 2 keys still meet the 2-of-3 threshold.
Hardware wallets
Coldcard, Blockstream Jade, Ledger, Trezor, BitBox, TAPSIGNER, SeedSigner, Foundation Passport, Keystone
Ledger, Trezor, Coldcard, BitBox, Blockstream Jade
Annual cost
Free plan is $0. Iron Hand is $120/year. Honey Badger is $480/year. Honey Badger Premier is $2,100/year.
$250/year per vault
Default process
Off-chain timelock with a Nunchuk-assisted claim. An on-chain Miniscript timelock is offered as an alternative.
Executor locates 1 client key and contacts Unchained with the Inheritance Protocol documents.
Heir technical knowledge required
Under the off-chain default, Nunchuk guides the heir through the claim. Under the on-chain alternative, the heir receives the wallet descriptor and inheritance key seed.
No bitcoin knowledge required. Executor follows written instructions.
Waiting period
Customizable timelock duration. A "heartbeat" transaction by the owner resets the clock.
None
Executable without company involvement
The off-chain default requires Nunchuk to be operational. The on-chain Miniscript timelock executes on the Bitcoin network regardless of Nunchuk's status.
Yes. The client's 2 keys remain operable independently of Unchained.
Cost or included tier
Honey Badger ($480/year) or Honey Badger Premier ($2,100/year).
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
2020
2016
Client funds lent
Non-custodial. Nunchuk holds no client funds to lend.
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. Software vendor, not a custodian.
SOC 1 Type II and SOC 2 Type II
US availability
Available. No KYC required.
Most states (varies by product)
International availability
Yes. Worldwide.
No

Common questions

Unchained offers financial services Nunchuk does not: a Bitcoin IRA where the client holds keys, bitcoin-backed business loans, an integrated trading desk, fiduciary wealth management via Gannett Wealth Advisors, and a chartered trust company. Unchained is also a regulated US entity with NMLS licenses; Nunchuk is software available globally without KYC.
In February 2022, Nunchuk publicly responded to a Canadian government inquiry about wallets used by the Freedom Convoy by stating that they could not freeze funds because they hold no keys. This demonstrated, in practice, that Nunchuk's software-only model cannot comply with seizure orders directed at the company. Unchained holds only 1 key out of 3 for each vault and also cannot access client bitcoin without participation from client keys.
Because Nunchuk vaults are open-source multisig with the client holding the majority of keys, the client can spend at any time. Send bitcoin on-chain from the Nunchuk vault to a new Unchained vault. Hardware the client already uses for Nunchuk (Coldcard, Jade, Ledger, Trezor, BitBox) is reusable for the Unchained vault.

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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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