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SALT vs. Unchained: One of the oldest crypto-backed lenders vs. multisig collateral.

Last reviewed Common questionsMethodology

About SALT

Loans

SALT is the original crypto-backed lender, founded in Denver in 2016 and acquired by BnkToTheFuture in September 2022 (operating entity Salt Blockchain Inc.; loans originated by Salt Lending LLC, NMLS #1711910). SALT survived the broader 2022 crypto-lending collapse — including a November 2022 withdrawal freeze tied to FTX exposure — and a $250,000 SEC settlement in 2020 over its 2017 ICO. It lends against BTC, ETH, USDC, USDT, and the SALT token at fixed terms of 1, 3, or 5 years (a long-term offering unique among bitcoin lenders), with APRs of 9.95% to 14.45% by LTV band. SALT's consumer loan agreement explicitly grants the right to rehypothecate, repledge, and transfer collateral, including to secure third-party credit facilities — a material distinction from non-rehypothecating lenders.

Who each is for

SALT is for

Borrowers who want a long-operating US lender with experience through multiple crypto cycles, multi-asset collateral starting at $5,000, and a choice of LTV bands at origination.

Unchained is for

US business entities who want collateral kept in a multisig vault verifiable on-chain throughout the loan term, rather than at a third-party custodian.

SALT
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
SALT Lending, LLC (direct lender, NMLS #1711910). International issuance via Salt Technology, Ltd. (Mauritius).
Unchained (direct lender)
Eligible borrowers
Individuals and businesses in most US states; international clients via the Mauritius subsidiary.
Business entities only (LLC, corporation, single-member LLC)
Minimum loan
$5,000
$150,000
Interest rate
9.95% to 14.45% APR, tiered by LTV (30% / 50% / 70%) and term length
12.0%
LTV at origination
30%, 50%, or 70% at origination (borrower-selected; jurisdiction and term-dependent)
50% at origination
Collateral custody during loan
Cold-storage multi-sig via third-party custody partners (historically BitGo). Borrower holds no keys. SALT's consumer loan agreement explicitly reserves the right to rehypothecate, repledge, and transfer collateral.
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
2016. Acquired by BnkToTheFuture in September 2022.
2016
Client funds lent
SALT's loan agreement reserves the right to rehypothecate, repledge, and transfer collateral, including to secure third-party credit facilities and market-neutral trading strategies.
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 for SALT. BitGo is separately SOC 2 Type II certified.
SOC 1 Type II and SOC 2 Type II
US availability
Most US states. Historical exclusions included NY, HI, ND, and SD; Nevada was approved in October 2025.
Most states (varies by product)
International availability
Yes. Available in select non-US jurisdictions via Salt Technology, Ltd. (Mauritius).
No

Common questions

If you are a US business entity and the size and structure fit, the migration path is: take out an Unchained loan against fresh bitcoin collateral in a new 2-of-3 multisig vault, pay down the SALT loan, and SALT releases the collateral. Unchained's minimum is $150,000, and the borrower holds 1 of 3 keys and can verify the bitcoin on-chain throughout the loan — a different structure from SALT's third-party custodial collateral that may be rehypothecated.
SALT uses BitGo, a qualified custodian, to hold all collateral in multi-sig cold storage; the borrower has no key. Unchained uses a 2-of-3 multisig where the borrower holds 1 key, Unchained holds 1, and Fortis Bank holds 1; the borrower can verify the multisig address on-chain throughout the loan. The structural difference is whether the borrower has direct cryptographic involvement in the collateral or whether they rely entirely on the custodian.
Yes. SALT offers Personal, Business, and Private Client tiers and underwrites both individuals and business entities. Unchained originates only to US business entities (LLCs, corporations, single-member LLCs — not individuals) at a $150,000 minimum.
SALT publishes APRs from 9.95% to 14.45%, tiered by LTV (30%, 50%, 70%) and term length. Unchained's commercial loan rate is 12.0% APR at 50% LTV. SALT's lowest tier (low LTV, short term) is cheaper than Unchained; SALT's highest tier (70% LTV, long term) is more expensive. Verify current rates from both before borrowing.

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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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