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Due to the recent failures and flaws of the traditional banking system, Bitcoin’s potential to foster a more secure global economy may have come to light in a new way.
River, a Bitcoin technology and financial services startup, has completed a $35 million Series B funding round. This follows after its $12 million Series A round in 2021.
The new round was led by Kingsway Capital and also saw participation from contributors such as Alarko Ventures, Valor Equity Partners, Goldcrest, Cygni, and M13 among others.
Billionaire investor Peter Thiel also backed the investment round as River continues to aim at creating a robust financial system with Bitcoin.
To this end, a company press release quotes River CEO Alex Leishman as saying:
“This funding round demonstrates our commitment to championing an honest and robust financial environment through the use of bitcoin – the world’s only incorruptible digital currency.”
Bitcoin Startup River to Use Funding to Boost Lightning Transactions
Primarily, River offers a range of Bitcoin-focused services, including mining, brokerage, wallet services, and full-reserve custody.
However, now more than ever, there’s a growing demand for Bitcoin from private individuals and business entities alike. Due to the recent failures and flaws of the traditional banking system, Bitcoin’s potential to foster a more secure global economy may have come to light in a new way.
But then, with on-chain fees for Bitcoin payments and settlements also rising, users are increasingly demanding Lightning transactions. In line with this demand, the firm launched the River Lightning application programming interface (API) in October. That was to help companies easily integrate their applications with the Lightning Network.
So, River will be looking to use the major part of the new funding to enhance its B2B River Lightning segment. This is in line with its ever-present aspiration to become the industry’s go-to platform for Bitcoin payments.
Ultimately, River aims to provide the easiest on-ramp to invest in Bitcoin for an average person as they look for an alternative to the current failing system.