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In a recent Series B funding round, Bitcoin technology and financial services firm, River, has successfully raised $35 million. The investment round was spearheaded by Kingsway Capital and saw contributions from billionaire investor Peter Thiel among others.
River’s suite of services caters to both individual and business clients, providing a broad spectrum of Bitcoin-related solutions. Its offerings range from a brokerage that facilitates zero-fee dollar-cost averaging and mining to a full-reserve custody service. In addition, River provides a wallet that supports on-chain transactions as well as transactions on the Lightning Network, an off-chain transaction solution that enhances Bitcoin’s scalability by ensuring faster speeds and lower fees.
In October, River unveiled River Lightning, an application programming interface (API) designed to simplify the process of integrating applications with the Lightning Network for companies.
CEO of River, Alex Leishman, expressed in a press release that the recent bank failures and bailouts underscore the significance of Bitcoin. He highlighted the cryptocurrency’s potential to pave the way for a more equitable, transparent, and fair global economy.
Leishman emphasized that River’s mission is to create an effortless avenue for the average individual to invest in Bitcoin as they seek alternatives to the existing financial structure. He stated that this funding round is a testament to River’s dedication to fostering a reliable and robust financial ecosystem through the use of Bitcoin, the only uncorruptible digital currency in existence.
The recent funding round saw participation from other investors like Cygni, Goldcrest, and Valor Equity Partners. This comes after River’s successful Series A funding round in 2021, where the company raised $12 million.