Crypto Firm Unchained Capital Receives Finance Lender License in California
Unchained Capital has announced that it will immediately begin offering crypto-secured loans to both consumers and businesses in California after receiving a Finance Lender License in the state.
Unchained Capital claims to be a new kind of financial services company that offers loans secured with bitcoin as collateral. The company lend cash to long-term crypto holders who want to take advantage of their ownership but don’t want to sell their coin.
Unchained’s business has steadily expanded since launching in late 2017. the company claims that to date, it has issued over $3,000,000 in crypto-secured loans. The California Finance Lender License is expected to significantly increase access and demand for their services in the state. The company offers competitive rates of 12%-18% APR* and loan periods of three months to five years. Terms include a 50% loan-to-value ratio and monthly interest-only payments. Borrowers do not have to repay the principal until the end of the loan period, when they are free to renew their loan if they so choose.
“We’ve been receiving a lot of inbound interest from coin holders in California, so we’re very excited to expand our operations into this market,” said Unchained Capital CEO JoeKelly. “This moves us one step closer to ensuring all coin holders are able to take advantage of their ownership while remaining in the crypto market.”
In addition, Unchained Capital announced that they have released an open-source multisig contract for ethereum, which enables ether holders and services to take part in multisig transactions safely and simply using their hardware wallets.
The open-source smart contract implements 2-of-3 multisig and interfaces with the Trezor Wallet to make multisig accessible and simple for ether holders. It has been exhaustively tested and comes with a built-in dApp (distributed application) that lets users create and interact with the contract from their browsers. The contract is currently compatible with the Trezor hardware wallet, but the company plans to add support for Ledger soon.
“We believe previous efforts at ethereum multisig failed because they regarded the expressiveness of ethereum as an opportunity instead of as a risk,” said Kelly. “We adopted instead a simple, straightforward design to maximize security. Our ethereum multisig contract uses no external contracts, no libraries, and has minimal internal state. This avoids many sources of bugs and makes our contract easier to reason about.”
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