Bitcoin technology and financial services company River has announced a successful $35 million seed round in its Series B fundraising effort. Led by Kingsway Capital, the round also saw participation notable investors such as Peter Thiel, Cygni, Goldcrest and Valor Equity Partners. The company provides a range of bitcoin services, including fee-free recurring orders, full reserve custody, mining, and a bitcoin wallet that supports on-chain transactions and Lightning Network.
Alex Leishman, CEO of River, highlighted the growing interest in bitcoin with adoption by businesses and institutions. He highlighted Bitcoin’s importance as a safe path to a stronger and more transparent global economy, especially in light of recent bank failures and bailouts. Leishman said, “Adopting Bitcoin with a trusted partner is no longer a speculative choice, but rather a prudent one.”
According to a press release sent to Bitcoin Magazine, River has seen significant growth in demand for its enterprise Lightning API, River Lightning. This API allows businesses to integrate with the Lightning Network and facilitate instant Bitcoin payments. Notably, El Salvador’s Chivo Wallet relies on River Lightning for Lightning transactions. Rising demand for Lightning transactions, driven by rising on-chain fees, prompted River to expand its River Lightning B2B segment.
Leishman highlighted River’s commitment to responsible and trusted practices, which sets the company apart from others in the crypto industry. He noted, “We have not taken reckless shortcuts or risks with our regulatory strategy and product offering. We are a mission-driven company with full custody of Bitcoin, and we will continue to play our part to advancing society towards a brighter economic future powered by Bitcoin.”