Nexo vs Unchained
A revolving line that re-lends collateral against multisig you help control.
Rates as of August 9, 2026 · Verified daily
Unchained$100k loan, 50% LTV · Max LTV 50%
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The bottom line
Two very different risk profiles. Nexo is an open revolving credit line that re-lends your pledged bitcoin and prices near 18.9%. Unchained is also high-rate (around 14.18%) but its 2-of-3 multisig means you hold a key and the collateral cannot be moved or re-lent unilaterally. Choose Unchained if custody control is the point; choose Nexo only if a revolving line outweighs the rehypothecation.
Conditional guidance, not a recommendation. The right pick depends on your loan size, LTV, state, and what you value most. Rates can change; the table below is the live source.
Nexo vs Unchained, side by side
 Nexo | Unchained | |
|---|---|---|
| Effective APR$100k loan, 50% LTV, all-in | 15.9% | 14.18% |
| Starting APR | 15.9% | 14.18% |
| Origination fee | None | 2% |
| Liquidation fee | None stated | 2% |
| Max LTV | 50% | 50% |
| Custody model | Lender-held | Collaborative multisig (Fortis Bank) |
| Rehypothecation | Yes | No |
| Margin-call cure window | Not published | 24 hours |
| Funding speed | Same day | 2 days |
| Minimum loan | $50 | $150,000 |
| Maximum loan | $2,000,000 | $1,000,000 |
| Loan terms | Not published | 90 to 360 days; standard is 360 days (interest-only, principal at maturity); refinance available at maturity but requires new application |
| Prepayment | Not published | No prepayment penalty. Origination fee is non-refundable on early payoff. |
| Operating since | 2018 | 2016 |
| Availability | 48 states (excludes 2) | 43 states (excludes 7) |
Rates and fees
On a $100,000 loan at 50% LTV, Unchained is the cheaper borrow: an all-in effective APR of about 14.18% versus 15.9% at Nexo, a gap of roughly 1.72 points before fees. Nexo charges no origination fee, while Unchained adds 2% up front, which raises Unchained's true cost on shorter loans.
Custody and counterparty risk
Nexo holds collateral via lender-held, while Unchained uses collaborative multisig (Fortis Bank). With Unchained, the collateral sits in a collaborative multisig where you hold one of the keys, so no single party can move your Bitcoin alone, the closest model here to self-custody. Nexo rehypothecates pledged Bitcoin (re-lends it); Unchained does not, which means less exposure if the lender runs into trouble.
Leverage, limits, and speed
Minimums differ: $50 at Nexo versus $150,000 at Unchained. Funding runs same day at Nexo and 2 days at Unchained.
Track record and availability
Unchained has the longer history, operating since 2016 versus 2018. On availability, Nexo is not available in 2 states, while Unchained excludes 7.
Strengths and trade-offs
Nexo
- Relaunched in the US in February 2026 via Bakkt after a 2022 exit
- One of the largest crypto lending platforms globally; Nexo reports 7M+ clients across 200+ jurisdictions since 2018
- Rates from 1.9% to 15.9% APR depending on NEXO token holdings and LTV
- 50% LTV on BTC, $50 to $2M, up to $200M for Nexo Private clients, no origination or monthly fees
- Partial liquidation model: rather than closing your full position if collateral value drops, Nexo repays part of the credit line from a portion of the collateral, keeping the rest of your position intact
- The 1.9% floor rate applies at qualifying NEXO token tiers and LTV; borrowers without NEXO holdings should expect a rate closer to 15.9%
- Not available to residents of New York or Washington. Nexo confirmed on 2026-08-03 that those two states are restricted and the credit line is otherwise available
- Borrowing against crypto is generally treated differently than selling it for tax purposes, but tax treatment depends on your individual situation and jurisdiction. This is not tax advice, so confirm with a tax professional before relying on it
Unchained
- Multisig collaborative custody, borrower holds 1 of 3 keys
- Non-rehypothecation verifiable on-chain
- Operating since 2016
- Bitcoin-only focus
- $150K minimum loan, not suitable for smaller borrowing needs
- Commercial-only positioning
- Rates by consultation, not publicly posted
About each lender
Nexo
Nexo offers crypto-backed credit lines, letting you borrow against Bitcoin and over 100 other digital assets without selling, which generally avoids realizing a capital gain. It relaunched in the US in February 2026 in partnership with Bakkt as a regulated entity. Rates run from 1.9% to 15.9% APR and depend on your Wealth Club tier: the higher your NEXO token share and the lower your loan-to-value, the closer you get to the 1.9% floor. A borrower holding no NEXO tokens sits at the 15.9% end.
Unchained
Operating since 2016. Multisig collaborative custody: borrower holds 1 of 3 keys. Non-rehypothecation is verifiable on-chain. $150K-$1M loan range. Rates by consultation; not publicly posted.
Frequently asked
Is Nexo or Unchained cheaper?
On a $100,000 loan at 50% LTV, Unchained is cheaper, with an all-in effective APR of about 14.18% versus 15.9%. Nexo also charges no origination fee, while Unchained adds 2% up front.
Which has lower custody risk, Nexo or Unchained?
Nexo uses lender-held and Unchained uses collaborative multisig. Check the rehypothecation row above, as re-lending of collateral adds counterparty risk.
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borrowonbitcoin.com is a comparison publisher, not a lender or financial advisor. Rate data verified August 9, 2026. How we verify rates · Full disclosures.