River, a Bitcoin technology and financial services startup, has successfully raised $35m in a Series B funding round.
Kingsway Capital led the investment, with notable contributions from investors like Peter Thiel, Goldcrest, Cygni, M13, Valor Equity Partners, Esas Ventures, and Alarko Ventures.
River aims to create a robust financial system through Bitcoin, a unique incorruptible digital currency. To this end, they offer a range of services, including Bitcoin brokerage, full-reserve custody, mining, and a Bitcoin wallet that supports both on-chain and Lightning Network transactions.
River’s CEO, Alex Leishman, has noted a surge in Bitcoin interest, particularly from businesses and institutions. He attributes this to growing recognition of the flaws in the traditional financial system and an acknowledgment of Bitcoin’s potential to foster a more secure and transparent global economy.
The company has also developed River Lightning, an enterprise API that facilitates integration with the Lightning Network. It’s already being used by several crypto applications, such as El Salvador’s Chivo wallet, for instant Bitcoin payments.
With the demand for Lightning transactions increasing due to rising on-chain fees, River plans to use part of the funding to enhance its B2B River Lightning segment. The company aspires to be the industry’s back-end for Bitcoin payments.
Emphasising River’s commitment to regulatory compliance and avoiding undue risks, Leishman maintains that River’s approach is to do things right. The firm intends to continue promoting a brighter economic future powered by Bitcoin, staying true to its mission.
Founded in 2019, River has emerged as a leading player in Bitcoin technology and financial services. The company provides an all-in-one mobile app and platform for Bitcoin brokerage, custody, and mining. It has also made significant strides in Lightning infrastructure, powering Lightning transactions for other crypto exchanges and wallets.
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