Bitcoin Startup River Raises $35 Million in Funding Round Supported by Billionaire Peter Thiel
Amid the dwindling venture capital investing in the crypto and blockchain industry, Bitcoin start-up firm, River, has secured a $35 million Series B funding.
River took to Twitter to share its excitement about the development.
According to the announcement, a notable venture capitalist firm, Kingsway Capital, led the Series B funding round.
River to Drive Grass Root Infrastructural Development and Security With Its New Fund
The River is a Bitcoin and financial services start-up aiming to build a transparent and robust financial ecosystem using Bitcoin.
The firm offers a suite of Bitcoin services, including brokerage, full-reserve custody, mining, and wallet services.
Notably, Rivers secured the support of several venture capitalist firms in its new $35 million equity round.
Some participating firms include Billionaire Peter Thiel, Goldcrest, M13, Valor Equity Partners, Cygni, Alarko Ventures, and Esas Ventures.
According to River's announcement, the firm aims to develop a world-class Bitcoin company that prioritizes security, and grass root infrastructural development, with the client in mind.
In a statement to PR Newswire, River CEO Alex Leishman said, “We are seeing a new wave of Bitcoin interest, largely driven by business and institutional adoption,”
According to the CEO, this new wave of Bitcoin interest has nothing to do with hype.
The bank failures and deposit runs were a wake-up call to investors, revealing the shortcomings of traditional finance and reminding people of Bitcoin's value.
In Leishman's words, "Bitcoin is a secure path to a stronger and more transparent global economy." And "adopting Bitcoin with a trusted partner is not a speculative choice, but a prudent one."
Unveiling The Potentials of Bitcoin Lightning Network
The start-up firm has been gradually pulling weight in the blockchain space.
In 2022, River launched River Lightning, an enterprise API that enables corporate entities seamlessly integrate the Lightning Network.
The API has found utility in many crypto apps, including El Salvador's Chico Wallet, for instant BTC settlements.
Lightning transactions grew in popularity over the years, recording higher demands. These demands accelerated to higher highs over the past weeks, leading to higher on-chain fees.
River intends to use its funding to build its B2B River Lightning segment in addition to the direct business and retail services.
River also plans to become a Bitcoin payments back-end for the crypto industry. According to Leishman, “River has become the premier Bitcoin brand in the US.”
He added that his firm has a deep Bitcoin expertise, focus, and honesty, unlike many cryptocurrency companies and regional banks.
The CEO noted that his team does not take shortcuts or reckless risks in regulatory strategy and product offering.
Leishman boasted that River is a mission-driven company with full-reserve BTC custody that will continue moving society toward a brighter economic future.