The blockchain industry has been experiencing a decline in venture capital investments recently, but Bitcoin start-up River has managed to secure a $35 million Series B funding, garnering attention. The funding round was led by notable venture capitalist firm Kingsway Capital, with the participation of other influential firms like Billionaire Peter Thiel, Goldcrest, M13, Valor Equity Partners, Cygni, Alarko Ventures, and Esas Ventures.
River aims to create a transparent and robust financial ecosystem by utilizing Bitcoin. The start-up offers a suite of Bitcoin services, including brokerage, full-reserve custody, mining, and wallet services. With their new funding, River intends to prioritize security and grass root infrastructural development, with clients at the core of their focus.
River CEO Alex Leishman believes that a new wave of Bitcoin interest is emerging largely due to business and institutional adoption. He states that the recent bank failures and deposit runs exposed the shortcomings of traditional finance, and created a wake-up call for investors, thus reminding them of the value of Bitcoin. According to Leishman, “Bitcoin is a secure path to a stronger and more transparent global economy,” making it a prudent choice rather than a speculative one.
The start-up has been gradually making its mark in the blockchain space. In 2022, River launched River Lightning, an enterprise API that enables corporate entities to seamlessly integrate the Lightning Network. The API has found use in many crypto apps, such as El Salvador’s Chico Wallet, for instant BTC settlements. Lightning transactions have seen a surge in popularity, leading to increased demands and higher on-chain fees.
However, with the new funding, River plans to expand its B2B River Lightning segment in addition to direct business and retail services. The start-up also aims to become a Bitcoin payments back-end for the crypto industry. Leishman emphasizes that River has set itself apart as the premier Bitcoin brand in the US, boasting deep expertise, focus, and honesty, unlike many other cryptocurrency companies and regional banks.
Leishman reassures that River is committed to a mission-driven approach and is not taking any shortcuts or reckless risks in regulatory strategy and product offerings. With full-reserve BTC custody as its foundation, River continues to move society toward a brighter economic future.
Overall, River’s successful funding round highlights its potential to positively impact the future of the blockchain industry. Nonetheless, skeptics may argue that the volatile nature of cryptocurrency markets or potential regulatory hurdles could limit the start-up’s ability to achieve its ambitious goals. Despite the contrasting views, River’s progress will be keenly watched by crypto enthusiasts and investors alike.
Source: Cryptonews
