Bitcoin Company River Raises $35 Million In Series B Funding

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May 16, 2023, 09:37 ET

COLUMBUS, Ohio, May 16, 2023 /PRNewswire/ -- River (river.com), a Bitcoin technology and financial services startup, announced today a $35 million equity round. This series B funding was led by Kingsway Capital. Other investors included Peter Thiel, Goldcrest, Cygni, M13, Valor Equity Partners, Esas Ventures, and Alarko Ventures.

River raises $35 million in Series B funding

River is on a mission to champion an honest and robust financial system through the use of Bitcoin, the world's only incorruptible digital money. River is a one-stop-shop for any person or business interested in Bitcoin. They offer a suite of Bitcoin services, including Bitcoin brokerage with zero-fee recurring orders, full-reserve custody, mining, and a Bitcoin wallet that supports both on-chain and Lightning Network transactions.

"We're seeing another wave of Bitcoin interest, largely driven by business and institutional adoption," says Alex Leishman, River CEO. "It's not fueled by hype. 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's a secure path to a stronger and more transparent global economy. Adopting Bitcoin with a trusted partner is no longer the speculative choice, but rather the prudent one."

Last year River announced the launch of River Lightning—an enterprise API that allows companies to easily integrate with the Lightning Network. River Lightning is already utilized by a number of crypto apps, including El Salvador's Chivo wallet, to enable instant Bitcoin payments.

Demand for Lightning transactions has grown rapidly in the last year and has accelerated to new levels in recent weeks by rising on-chain fees. In addition to serving individuals and businesses directly, River intends to serve as the Bitcoin payments back-end for the industry. Part of this funding round will be used to further build out the B2B River Lightning segment.

"River has become the premier Bitcoin brand in the United States. We have deep Bitcoin expertise, focus, and frankly, we do things right," says Leishman. "Unlike many crypto companies and regional banks for that matter, we have not taken shortcuts or reckless risks with our regulatory strategy and product offering. We're a mission-driven company with full-reserve Bitcoin custody, and will continue to play our part in moving society towards a brighter economic future powered by Bitcoin."

About River

Founded in 2019, River is a Bitcoin technology and financial services company. River offers the full suite of Bitcoin brokerage, custody, and mining services in one easy-to-use mobile app and on River.com. The company is also a leader in Lightning infrastructure, powering Lightning transactions for other exchanges and wallets in the crypto ecosystem.

To learn more, please visit River.com or follow them on Twitter @River.

CONTACT: [email protected]

SOURCE River