Bitcoin Technology and financial services startup River has secured $35 million in its Series B funding round led by Kingsway Capital.
according to a Press release From the company, the funding round also attracted several prominent investors including Peter Thiel. Others backing the startup’s funding round were Goldcrest, Cygni, M13, Valor Equity Partners, Esas Ventures and Alarco Ventures.
The company will use the funds to expand its product range and marketing efforts, as well as hire new employees.
Peter Thiel backs River’s bitcoin plans
Peter Thiel is a well-known venture capitalist and entrepreneur. Some of his early investments included companies that have become global giants, such as paypalFacebook (now meta), and SpaceX. before he allegedly dumped His crypto fortune, Thiel has been a vocal supporter of bitcoin and has stated that he believes bitcoin has the potential to revolutionize the global financial system.
The investment from Peter Thiel and other prominent investors is a major endorsement for River and its mission to make bitcoin more accessible to everyone. River is well positioned to become a leading player in the bitcoin industry and help usher in a new era of financial freedom.
River CEO Alex Leishman commented on the funding round, saying in a statement that bitcoin is seeing renewed interest as more businesses and institutions adopt it. He, however, said that this interest is not due to publicity but a realization of the flaws within. traditional financial system, he explained:
“This year’s bank failures and bailouts have been a wake-up call, revealing the cracks of the traditional financial system and reminding us why bitcoin is so important – it is a safe haven for a stronger and more transparent global economy. is the way forward. Adopting bitcoin with a trusted partner is no longer a speculative choice, but a prudent one.”
about rivers
Founded in 2019, River has quickly established itself as a leading bitcoin technology and financial services company. It offers a user-friendly mobile app and website, River.com, which offers its clients a comprehensive suite of bitcoin brokerage, custody and mining services. It also supports on-chain and Lightning Network transactions.
Last year, River introduced River Lightning, an enterprise API designed to facilitate seamless integration with the Lightning Network. Several cryptocurrency applications, including El Salvador’s Chivo Wallet, have already incorporated River Lightning to enable instant bitcoin payments.
The company plans to use a portion of the newly secured funding to expand its B2B River Lightning product.
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