Bitcoin company River raises $35 million

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Riv­er, a Bit­coin tech­nol­o­gy and finan­cial ser­vices start­up, announced today a $35 mil­lion equi­ty round. 

This series B fund­ing was led by Kingsway Cap­i­tal. Oth­er investors includ­ed Peter Thiel, Gold­crest, Cyg­ni, M13, Val­or Equi­ty Part­ners, Esas Ven­tures, and Alarko Ventures.

Riv­er is on a mis­sion to cham­pi­on an hon­est and robust finan­cial sys­tem through the use of Bit­coin, the world’s only incor­rupt­ible dig­i­tal mon­ey. Riv­er is a one-stop-shop for any per­son or busi­ness inter­est­ed in Bit­coin. They offer a suite of Bit­coin ser­vices, includ­ing Bit­coin bro­ker­age with zero-fee recur­ring orders, full-reserve cus­tody, min­ing, and a Bit­coin wal­let that sup­ports both on-chain and Light­ning Net­work transactions.

“We’re see­ing anoth­er wave of Bit­coin inter­est, large­ly dri­ven by busi­ness and insti­tu­tion­al adop­tion,” says Alex Leish­man, Riv­er CEO. “It’s not fueled by hype. This year’s bank fail­ures and bailouts have been a wake-up call, reveal­ing the cracks of the tra­di­tion­al finan­cial sys­tem and remind­ing us why Bit­coin is so important—it’s a secure path to a stronger and more trans­par­ent glob­al econ­o­my. Adopt­ing Bit­coin with a trust­ed part­ner is no longer the spec­u­la­tive choice, but rather the pru­dent one.”

Last year Riv­er announced the launch of Riv­er Lightning—an enter­prise API that allows com­pa­nies to eas­i­ly inte­grate with the Light­ning Net­work. Riv­er Light­ning is already uti­lized by a num­ber of cryp­to apps, includ­ing El Salvador’s Chi­vo wal­let, to enable instant Bit­coin payments.

Demand for Light­ning trans­ac­tions has grown rapid­ly in the last year and has accel­er­at­ed to new lev­els in recent weeks by ris­ing on-chain fees. In addi­tion to serv­ing indi­vid­u­als and busi­ness­es direct­ly, Riv­er intends to serve as the Bit­coin pay­ments back-end for the indus­try. Part of this fund­ing round will be used to fur­ther build out the B2B Riv­er Light­ning segment.

“Riv­er has become the pre­mier Bit­coin brand in the Unit­ed States. We have deep Bit­coin exper­tise, focus, and frankly, we do things right,” says Leish­man. “Unlike many cryp­to com­pa­nies and region­al banks for that mat­ter, we have not tak­en short­cuts or reck­less risks with our reg­u­la­to­ry strat­e­gy and prod­uct offer­ing. We’re a mis­sion-dri­ven com­pa­ny with full-reserve Bit­coin cus­tody, and will con­tin­ue to play our part in mov­ing soci­ety towards a brighter eco­nom­ic future pow­ered by Bitcoin.” 

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