AUSTIN, Texas--(BUSINESS WIRE)--Unchained Capital today announced that they have released an open-source multisig contract for Ethereum. The smart contract enables Ethereum holders and services to take part in multisig transactions safely and simply using their hardware wallets. The smart contract can easily be accessed via a hosted dApp. As part of the release, Unchained is also running a bug bounty program with potential awards up to $150,000.
Unchained Capital is a new kind of financial services company that offers loans secured with Bitcoin as collateral. They are the first company to solve a fundamental problem for individuals holding a substantial quantity of cryptocurrency: how to take advantage of their cryptocurrency ownership without selling their investment.
Having recently received their Finance Lender License in California, Unchained Capital is also announcing that they will immediately begin offering crypto-secured loans to both businesses and consumers in California.
Unchained’s open-source smart contract implements 2-of-3 multisig and interfaces with the Trezor Wallet to make multisig accessible and simple for Ethereum coin holders. Aware of the pernicious bugs that have plagued Ethereum contracts, Unchained designed the contract to be simple, streamlined, and most importantly, secure.
“We believe previous efforts at Ethereum multisig failed because they regarded the expressiveness of Ethereum as an opportunity instead of as a risk,” said Unchained Capital CEO, Joe 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.”
The smart contract 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. A hosted version of the dApp is also available for immediate use. The contract is compatible today with the Trezor hardware wallet, and Unchained plans to add support for Ledger soon.
Unchained is also launching a bug bounty to encourage the Ethereum developer community to help them test the contract at scale. “We’re offering the bug bounty to make sure our contract is the best it can possibly be. We’ve been diligently working to develop a secure contract. At the same time, we believe it is our responsibility to incentivize the developer community. It’s the single best way to ensure that our contract is both easy to use and as secure as possible,” said Unchained Capital CSO Dhruv Bansal. If the bug bounty is successful, Unchained plans to extend the reach of their loan product by using their Ethereum multisig smart contract for loans against ETH as collateral.
Unchained’s business has steadily expanded since launching in late 2017. To date, the company has issued over $3,000,000 in crypto-secured loans. The approval to begin lending to individuals and businesses in California significantly increases access and demand for their services.
“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 Kelly. “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.”
Unchained Capital 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.
Unchained Capital’s open-source multisig contract for Ethereum is available for Trezor wallet holders immediately. Users can access the open source contract code and dApp for free via Unchained’s public Github repo. A hosted version of the dApp is also available via Unchained’s website.
Those interested in learning more about the bug bounty can visit https://www.unchained-capital.com/bounties
About Unchained Capital
Unchained Capital is a new kind of financial services company. We lend cash to long-term crypto holders who want to take advantage of their ownership but don’t want to sell their coin.
We believe that crypto investors should have the opportunity to avail themselves of proven financial instruments. Today we’re focused on offering Bitcoin and Ethereum secured $USD cash loans at friendly interest rates, for up to two years.
You shouldn’t have to pay membership fees or buy a new token to start leveraging your crypto assets as collateral. Unchained dispenses with these complexities. We offer competitive rates, unparalleled security, and a clear, transparent path to increased liquidity without capital gains.
Friends don’t let friends sell coin.
Get a quote today: www.unchained-capital.com
*Disclaimer: A $10,000 loan for 2 years costs $2,500 with $100 in monthly interest payments and one principal payment of $10,000 due at maturity with an Annual Percentage Rate (APR) of 12.5%. All loans to California borrowers made pursuant to California Department of Business Oversight Financing Law License № 60DBO-78867.
