Bitcoin technology and financial services company, River, has announced a successful $35 million equity round in its Series B fundraising effort. Led by Kingsway Capital, the round also saw participation from notable investors such as Peter Thiel, Cygni, Goldcrest and Valor Equity Partners. The company provides a range of Bitcoin services, including zero-fee recurring orders, full-reserve custody, mining and a Bitcoin wallet that supports both on-chain and Lightning Network transactions.
Alex Leishman, the CEO of River, highlighted the growing interest in Bitcoin driven by business and institutional adoption. He emphasized the importance of Bitcoin as a secure path to a stronger and more transparent global economy, especially in light of recent bank failures and bailouts. Leishman stated, "Adopting Bitcoin with a trusted partner is no longer the speculative choice, but rather the prudent one."
According to a press release sent to Bitcoin Magazine, River has experienced significant growth in demand for its enterprise Lightning API, River Lightning. This API enables companies to integrate with the Lightning Network and facilitate instant Bitcoin payments. Notably, El Salvador's Chivo wallet relies on River Lightning for Lightning transactions. The surge in demand for Lightning transactions, driven by rising on-chain fees, has prompted River to expand its B2B River Lightning segment.
Leishman emphasized River's commitment to responsible and reliable practices, setting the company apart from others in the crypto industry. He noted, "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."
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