Nexo vs Unchained
A revolving line that re-lends collateral against multisig you help control.
Rates as of June 2026 · Verified weekly · By Michael Song
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 | 18.9% | 14.18% |
| Starting APR | 18.9% | 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 | All 50 states | All 50 states |
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 18.9% at Nexo, a gap of roughly 4.72 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.
Strengths and trade-offs
Nexo
- Relaunched in the US in February 2026 via Bakkt after a 2022 exit
- Global credit line: 1.9% to 18.9% APR, 50% LTV on BTC, $50 to $2M, no origination or monthly fees
- Liquidation is partial: Nexo repays part of the credit line from a portion of collateral
- Instant funding once approved
- US-specific terms pending confirmation from Nexo or Bakkt
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 instant crypto-backed credit lines, letting you borrow against Bitcoin without selling. After a 2022 US exit and a 2023 SEC settlement over its Earn product, Nexo relaunched in the US in February 2026 through regulated partner Bakkt. US-specific credit-line terms had not been separately published as of mid-2026.
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 18.9%. 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 June 19, 2026. How we verify rates · Full disclosures.