Platform Comparison
Unchained vs Figure: Multi-Sig vs MPC Custody
Compare Unchained and Figure for Bitcoin loans. Multi-sig vs MPC custody, safety scores, APR, fees, and which is safer for your collateral.
Unchained and Figure both offer BTC-backed loans but with fundamentally different custody approaches. Unchained uses collaborative multi-sig where you hold 2 of 3 keys. Figure uses MPC (multi-party computation) custody, which is technologically advanced but still custodial — you don't hold keys. For custody-conscious borrowers, this distinction matters enormously.
Unchained is stronger on borrower-held custody: you hold 2 of 3 keys, it has the top safety score in our tracked dataset (9.0/10), and the tracked product has no rehypothecation language plus NMLS licensing.
Figure is stronger on rate and speed: a fixed 9.999% effective APR on its tracked 12-month BTC product with same-day funding on that tracked product. It fits borrowers who prioritize cost over custody model.
Head-to-Head Comparison
Key Differences
- Unchained uses multi-sig collaborative custody while Figure uses custodial (platform holds keys)
- Figure offers a lower starting APR (8.91% vs 14.18%)
- Unchained scores higher on safety (9.0 vs 7.1)
- Unchained has no known US-state exclusions, while Figure excludes 10 US states in our dataset
The Verdict
Which platform is right for you?
→ Pick Unchained if:
- • You want to control your own keys (multi-sig)
- • You're borrowing $150K+ and custody safety is paramount
- • You want zero rehypothecation
- • You value NMLS licensing (ID: 2656661)
- • You live in a Figure-excluded state such as Texas, Illinois, Maryland, or Virginia
→ Pick Figure if:
- • You want the lower all-in APR in this matchup (9.999%)
- • You need same-day funding on a tracked BTC product
- • You're comfortable with MPC custodial model
- • You want optional liquidation protection
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