Bitcoin technology and financial services company River has successfully raised $35 million in a Series B round. The funding round was spearheaded by investment firm Kingsway Capital, with notable participation from billionaire investor Peter Thiel. River’s offerings encompass a wide array of bitcoin-related services catering to businesses and individual customers alike. The company boasts a brokerage with zero-fee dollar-cost averaging, mining services, full-reserve custody, and a unique wallet supporting on-chain transactions and Lightning Network transactions.
The Lightning Network is known for providing an invaluable solution to bitcoin’s scalability challenges. Last October, River took a significant leap forward with the introduction of River Lightning, an application programming interface (API) streamlining the process for companies seeking to incorporate the Lightning Network into their applications.
According to River CEO Alex Leishman, recent bank failures and bailouts only serve to reinforce the importance of Bitcoin and its role in promoting a more equal, transparent global economy. Leishman envisions River’s mission as offering everyday people the most seamless way to invest in bitcoin, thereby providing a viable alternative to the current financial landscape.
The Series B funding round marks a pivotal moment showcasing River’s dedication to fostering a resilient and honest financial environment via bitcoin, the world’s only unalterable digital currency. This isn’t the first time River has attracted significant investment, having previously raised $12 million in a Series A round in 2021.
The round saw contributions from an impressive array of investors such as Cygni, Goldcrest, and Valor Equity Partners. River’s rapid progress and growing investor interest highlight both the company’s potential and the increasingly influential role of Bitcoin and blockchain technology.
Despite amassing numerous supporters, some critics might still argue that the present regulatory environment and fluctuations in the value of digital currencies could potentially impose limitations on the widespread adoption of blockchain-powered solutions. These factors, coupled with the uncertainty surrounding cryptocurrencies’ long-term footing, could provoke skepticism surrounding total reliance on Bitcoin as an alternative to the traditional banking system.
However, the continuous advancements in blockchain technology and increasing support from prominent investors like Peter Thiel demonstrate a growing faith in the potential of Bitcoin and its related services. As River continues to develop and expand its offerings, it’s clear that its efforts towards championing an open and transparent financial environment remain undeterred. With a steadfast commitment to providing innovative bitcoin-related services to its users, River may indeed serve as a stepping stone in the journey towards a more equitable and accessible global economy.
Source: Coindesk
