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Bitcoin startup River has secured $35 million in Series B funding as venture capital investing in the cryptocurrency and blockchain industry dwindles.
River shared his excitement about the development on Twitter.
Kingsway Capital, a prominent venture capitalist firm, led the Series B funding round, according to the announcement.
River Drives Grassroots Infrastructure Development and Security with New Fund
The River is a Bitcoin and financial services start-up that aims to use Bitcoin to build a transparent and robust financial ecosystem.
The company offers a range of Bitcoin services including brokerage, full reserve custody, mining and wallet services.
Notably, Rivers secured the backing of several venture capitalist firms in a new $35 million equity round.
Participating companies include billionaire Peter Thiel, Goldcrest, M13, Valor Equity Partners, Cygni, Alarko Ventures and Esas Ventures.
According to River’s announcement, the company aims to develop a world-class Bitcoin company that has clients in mind and prioritizes security and grassroots infrastructure development.
in a statement to PR NewswireAlex Leishman, CEO of River, said there is “a renewed interest in Bitcoin, largely driven by adoption by businesses and institutions.”
According to the CEO, this new wave of interest in Bitcoin has nothing to do with the hype.
Bank failures and deposit runs have served as a wake-up call to investors, exposed the shortcomings of traditional finance, and reminded people of the value of Bitcoin.
In the words of Leishman, “Bitcoin is a safe path to a stronger and more transparent global economy.” “Adopting Bitcoin with a trusted partner is not a speculative choice, but a wise one.”
Revealing the Potential of the Bitcoin Lightning Network
The start-up has been gradually pushing into the blockchain space.
River launches in 2022 river lightningis an enterprise API that enables enterprises to seamlessly integrate the Lightning Network.
This API is used by many crypto apps, including El Salvador’s Chico Wallet, for instant BTC payments.
Lightning transactions have grown in popularity over the years, recording higher demands. These demands have accelerated to peak levels over the last few weeks, leading to skyrocketing on-chain fees.
River will use the funds to build its B2B River Lightning segment, in addition to its direct business and retail services.
River also plans to become the Bitcoin payment backend for the cryptocurrency industry. According to Leishman, “River has become the number one Bitcoin brand in the United States.”
He added that unlike many cryptocurrency companies and local banks, his company has deep expertise, focus and integrity on Bitcoin.
The CEO noted that his team does not take shortcuts or reckless risks in its regulatory strategy and product offerings.
Leishman boasted that River is a mission-driven company with full reserve BTC stewardship and will continue to move society towards a brighter economic future.