River, a financial services firm specializing in Bitcoin solutions, has garnered $35 million in a Series B round, primarily supported by Kingsway Capital and backed by Peter Thiel.
In Brief
Kingsway Capital led the Series B funding initiative, with additional investments coming from Peter Thiel, Cygni, M13, and Valor Equity Partners, among others.
River positions itself as an innovative player in the Bitcoin finance sector, offering various services tailored to cryptocurrency enthusiasts.
Their offerings include Bitcoin brokerage, secure custody options, and dedicated mining services tailored for investors.
River.com, a startup specializing in Bitcoin technology and financial services, has successfully raised $35 million during a Series B equity funding round, led by Kingsway Capital. Key investors include billionaire Peter Thiel, alongside Goldcrest, Cygni, M13, Valor Equity Partners, Esas Ventures, and Alarko Ventures.
Established in 2019 and located in San Francisco, River delivers a comprehensive lineup of Bitcoin financial products featuring commission-free recurring orders, complete reserve custody, efficient mining solutions, and a versatile Bitcoin wallet accommodating both on-chain transactions and Lightning Network operations. These services are available through their mobile app and website.
Recently, River introduced River Lightning, a robust API designed for enterprises to seamlessly connect with the Lightning Network, which acts as a layer-2 solution for Bitcoin transactions. This has already gained traction with entities such as El Salvador's Chivo wallet, facilitating immediate Bitcoin payment processing. crypto apps River's ambition is to establish itself as the foundational payment backend for Bitcoin across the entire cryptocurrency ecosystem. A portion of the freshly acquired investment will focus on expanding the B2B River Lightning offering.
On top of serving individuals and businesses In a recent press statement, River's CEO Alex Leishman remarked that the recent banking crises have underscored the vulnerabilities of the conventional financial framework, reinforcing Bitcoin's significance in today's economy.
"We're witnessing a quieter yet more resilient wave of Bitcoin adoption, one that is grounded in caution and understanding, escaping the fervor of previous trends. The weaknesses in traditional finance have become glaringly apparent. The reckless behaviors of numerous so-called 'crypto' players last year have had real consequences for individuals,\" he noted.
Leishman also expressed his belief that Bitcoin is on course to evolve into the world's reserve currency, and his team at River is intensely committed to creating that future.
Leishman tweeted .
Clients of River enjoy features like immediate liquidity, performance monitoring, elevated order limits, and dedicated human support, alongside 100% full reserve cold storage for their assets.
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Disclaimer
In line with the Trust Project guidelines Cindy is a reporter at Metaverse Post, focusing on topics surrounding web3, NFTs, the metaverse, and AI, particularly through interviews with key figures in the Web3 sector. She has engaged with over 30 executives at the C-level, sharing their insights with the audience. Originally from Singapore and now residing in Tbilisi, Georgia, she holds a Bachelor’s degree in Communications & Media Studies from the University of South Australia and carries a decade’s worth of experience in journalism.
