Peter Thiel Backs Bitcoin Startup River in $35M Round
Bitcoin and financial services firm, River, has successfully completed a Series B funding round raising $35 million. The investment was led by Kingsway Capital, an investment firm, with participation from billionaire investor Peter Thiel, Cygni, Goldcrest, and Valor Equity Partners.
River offers a wide range of services related to Bitcoin, catering to both individuals and businesses. These services include a brokerage platform that provides zero-fee dollar-cost averaging, mining, full-reserve custody, and a wallet that supports both on-chain and off-chain transactions via the Lightning Network. In October 2022, the company also launched River Lightning, an application programming interface (API) that makes it easier for companies to connect their applications to the Lightning Network.
According to River CEO Alex Leishman, the recent failures and bailouts of traditional banks have highlighted the importance of Bitcoin as a secure path to a fairer, more equal, and transparent global economy. Leishman further added that River’s goal is to provide the most seamless on-ramp to invest in Bitcoin for the everyday person searching for an alternative to the current system. The recent funding round demonstrates the company’s commitment to championing an honest and robust financial environment through the use of Bitcoin, which is the world’s only incorruptible digital currency.
The successful completion of this funding round is a testament to the growing interest in Bitcoin and its potential to revolutionize the financial industry. With the support of such prominent investors, River is well-positioned to continue developing innovative solutions to meet the evolving needs of its clients.