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News

Bitcoin Company River Raises $35 Million With Peter Thiel’s Support

May 16, 2023 - Around 3 mins mins to read

Key Points:

  • River, a Bitcoin technology and financial services company, has raised $35 million in venture capital.
  • The financing was sponsored by investment company Kingsway Capital, with billionaire investor Peter Thiel participating.
River, a Bitcoin technology and financial services startup has secured $35 million in a Series B round headed by investment firm Kingsway Capital, with participation from billionaire investor and Paypal co-founder Peter Thiel, Cygni, Goldcrest, and Valor Equity Partners.
Bitcoin Company River Raises $35 Million With Peter Thiel's Support

River is on a mission to promote an honest and resilient financial system by using Bitcoin, the world’s only incorruptible digital currency. River is a one-stop shop for everybody or any company interested in Bitcoin.

They provide a variety of Bitcoin services such as Bitcoin brokerage with no-fee recurring orders, full-reserve custody, mining, and a Bitcoin wallet that supports both on-chain and Lightning Network transactions – a Bitcoin scaling solution that settles transactions off-chain for faster speeds and lower fees.

River CEO Alex Leishman stated:

“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.”

River Lightning, an application programming interface (API) that makes it simpler for businesses to link their apps to the Lightning Network, was unveiled last October.

Companies may simply interface with the Lightning Network using the River Lightning API. The company has already taken over one of the most important participants in the Bitcoin payments environment; El Salvador’s Chivo wallet utilizes River for near-instant and near-free Bitcoin payments. The startup situated in San Francisco maintains one of the major Bitcoin lightning nodes, allowing payments and maintaining liquidity for the Bitcoin Lightning Network.

Lightning transaction demand has increased dramatically in the previous year, reaching new highs in recent weeks as on-chain rates have risen. River aspires to act as the Bitcoin payments back-end for the sector, in addition to directly servicing consumers and companies.

According to the company, a portion of this round of money will be utilized to expand the B2B River Lightning sector.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.