Bitcoin company River has announced the successful completion of a $35 million Series B funding round to expand its suite of Bitcoin services and operations.
According to a press release, the round was led by investment firm Kingsway Capital with participation from billionaire investor Peter Thiel and venture capitals Goldcrest, Cygni, M13, Valor Equity Partners, Esas Ventures, and Alarko Ventures.
The raise follows Rivers’ $12 million Series A round in 2021. The latest cash injection brings the company’s total funding to date to roughly $52.7 million.
River to Expand Its Services
Founded in 2019, River is a San Francisco-based Bitcoin technology and financial services company that offers the full suite of Bitcoin brokerage, custody, and mining services in one easy-to-use platform.
Last October, the company launched River Lightning, an enterprise application programming interface (API) that enables companies to easily integrate with the Lightning Network. This solution is already used by several crypto apps, including El Salvador’s Chivo wallet, which enables instant Bitcoin payments to be made.
Per the release, the funding will be used to expand River’s operations and services, which includes its B2B Lightning segment.
Lightning Adoption Continues to Grow
The latest funding comes as demand for Lightning transactions has continued to grow rapidly over the past year, as it enables nearly instant and cheap transactions that are settled on the Bitcoin blockchain.
“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,” Alex Leishman, River CEO, said in a statement.
River’s funding round shows that investors are recognizing the importance of companies that promote the adoption of Bitcoin and its underlying technology. With the added financial resources, River will be able to expand its reach and help more companies and individuals benefit from the benefits of Bitcoin.
