River, a Bitcoin startup company, just got $35 million in Series B funding at a time when venture capital investments in the cryptocurrency and blockchain business are going down.
River has taken to the social media platform Twitter to express its elation about the new development.
According to the statement, Kingsway Capital, a prominent venture capitalist firm, served as the driving force behind the Series B fundraising round.
The River is a startup that specializes in Bitcoin and financial services with the goal of creating a trustworthy and secure financial environment by utilizing Bitcoin.
The company provides a variety of Bitcoin-related services, such as mining, full-reserve custody, wallet services, and brokerage services.
Notably, Rivers was successful in securing the backing of multiple venture capitalist companies for its most recent $35 million equity round.
Billionaire Peter Thiel, Goldcrest, M13, Valor Equity Partners, Cygni, Alarko Ventures, and Esas Ventures are some of the firms that are participating in this event.
According to the release made by River, the company’s objective is to build a Bitcoin company of world-class caliber that places a premium on client satisfaction while also placing a strong emphasis on security and ground-level infrastructure development.
Alex Leishman, the CEO of River, made the following statement to PR Newswire: “We are seeing a new wave of Bitcoin interest, which is largely driven by the adoption of Bitcoin by businesses and institutions.”
This current wave of interest in Bitcoin reportedly has nothing to do with hype, as stated by the Chief Executive Officer.
Investors received a wake-up call in the form of bank failures and run-on deposits, which brought to light the deficiencies of traditional banking and brought people’s attention to the value of Bitcoin.
According to the words of Leishman, “Bitcoin is a secure path to a stronger and more transparent global economy.” Also, “adopting Bitcoin with a trusted partner is not a speculative choice, but rather a prudent one.”
The newly founded company has been making headway in the blockchain game over the past few months.
River Lightning, an enterprise API that enables business entities to integrate the Lightning Network in an unobtrusive manner, was introduced by River in the year 2022.
The application programming interface has proven useful for the rapid settlement of BTC in a number of cryptocurrency apps, notably Chico Wallet from El Salvador.
Over time, there were more and more lightning deals, which caused demand to go up. In the last few weeks, this demand has reached new heights, which has caused on-chain costs to rise.
In addition to its direct business and retail service offerings, River plans to use its funds to develop its business-to-business (B2B) River Lightning sector.
River further intends to develop itself into a Bitcoin payments back-end for the cryptocurrency industry. “River has emerged as the leading Bitcoin brand in the United States,” as stated by Leishman.
He continues on to say that in contrast to many other cryptocurrency companies and regional banks, his company possesses extensive knowledge of Bitcoin in addition to focus and honesty.
The chief executive officer mentioned that his team does not engage in risky behaviour or take shortcuts when it comes to the regulatory approach and product offering.
Leishman made the assertion that River is a mission-driven organization that has full-reserve Bitcoin custody and will continue to move society toward a more prosperous economic future.
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