Bitcoin Financial Services Startup River Raises $35M in Series B Backed by Peter Thiel

Printed: 16 Could 2023, 3:00 pm Up to date: 16 Could 2023, 3:00 pm

River.com, a Bitcoin expertise and monetary providers startup, has raised $35 million in a Collection B fairness spherical led by Kingsway Capital. Further traders embody billionaire entrepreneur Peter Thiel, Goldcrest, Cygni, M13, Valor Fairness Companions, Esas Ventures, and Alarko Ventures.

Based in 2019 and primarily based in San Francisco, River affords Bitcoin-based monetary merchandise, together with a full suite of Bitcoin brokerage with zero-fee recurring orders, full reserve custody,  mining providers, and a Bitcoin pockets that helps each on-chain and Lightning Community transactions. These merchandise are accessible by way of River’s cell app and web site. 

Final yr, River launched River Lightning—an enterprise API that permits corporations to simply combine with the Lightning Community, a layer-2 protocol for Bitcoin. River Lightning is already being utilized by quite a lot of crypto apps, together with El Salvador’s Chivo pockets, to allow immediate Bitcoin funds.

On high of serving people and companies, River goals to change into the Bitcoin funds back-end for the crypto trade. A part of the newly raised funds might be used to additional construct out the B2B River Lightning section.

River CEO Alex Leishman mentioned in a press launch that this yr’s financial institution failures and bailouts had been a wake-up name, revealing the cracks within the conventional monetary system and additional driving dwelling the significance of Bitcoin. 

“We’re seeing a brand new wave of Bitcoin adoption. It’s quieter than prior waves, however stronger, rooted in prudence and consciousness, not hype. The cracks of the normal monetary system are not delicate. The reckless dangers taken by many “crypto” corporations final yr harm individuals,”

Leishman tweeted.

He added that Bitcoin “is on a trajectory to change into the reserve foreign money of the world” and that his group at River is “laser-focused on constructing in direction of that future.”

River’s purchasers have entry to further options comparable to immediate liquidity, efficiency monitoring, excessive order limits, human assist, and extra. It additionally affords 100% full reserve chilly storage custody of purchasers’ property.

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