Bitcoin Financial Services Startup River Raises $35M in Series B Backed by Peter Thiel
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The Series B round was led by Kingsway Capital with participation from Peter Thiel, Cygni, M13, Valor Equity Partners.
River is a Bitcoin technology and financial services startup.
It offers Bitcoin brokerage, custody, and mining services.
River.com, a Bitcoin technology and financial services startup, has raised $35 million in a Series B equity round led by Kingsway Capital. Additional investors include billionaire entrepreneur Peter Thiel, Goldcrest, Cygni, M13, Valor Equity Partners, Esas Ventures, and Alarko Ventures.
Founded in 2019 and based in San Francisco, River offers Bitcoin-based financial products, including a full suite of Bitcoin brokerage with zero-fee recurring orders, full reserve custody, mining services, and a Bitcoin wallet that supports both on-chain and Lightning Network transactions. These products are accessible via River’s mobile app and website.
Last year, River launched River Lightning—an enterprise API that allows companies to easily integrate with the Lightning Network, a layer-2 protocol for Bitcoin. River Lightning is already being used by a number of crypto apps, including El Salvador’s Chivo wallet, to enable instant Bitcoin payments.
On top of serving individuals and businesses, River aims to become the Bitcoin payments back-end for the crypto industry. Part of the newly raised funds will be used to further build out the B2B River Lightning segment.
River CEO Alex Leishman said in a press release that this year’s bank failures and bailouts had been a wake-up call, revealing the cracks in the traditional financial system and further driving home the importance of Bitcoin.
“We’re seeing a new wave of Bitcoin adoption. It’s quieter than prior waves, but stronger, rooted in prudence and awareness, not hype. The cracks of the traditional financial system are no longer subtle. The reckless risks taken by many “crypto” companies last year hurt people,”Leishman tweeted.
He added that Bitcoin “is on a trajectory to become the reserve currency of the world” and that his team at River is “laser-focused on building towards that future.”
River’s clients have access to additional features such as instant liquidity, performance tracking, high order limits, human support, and more. It also offers 100% full reserve cold storage custody of clients’ assets.
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