Brokerage company River Financial of San Francisco raised $5.7 million investment from Polychain Capital, Slow Ventures, Castle Island Ventures, DG Lab Fund, Cygni, Pfeffer Capital, IDEO Ventures and CoLab Steve Lee from Square Crypto. About it reports Coindesk.
For the company, which was launched in 2019, this is the first round of financing. Unlike other cryptocurrency brokers, River works only with bitcoin.
“Bitcoin is the heart and soul River,” said co-founder and CEO Alex Lachman in comments to CoinDesk. Leishman, a former employee of Polychain, said that his company chose “a different path” and refuses to support a little-known alternative cryptocurrencies.
New investments will be focused on the scaling of River ― first and foremost, the company wants to obtain licenses throughout the United States. According to Leishman, currently, the company offers spot trading and custody services in 15 States.
“We believe that River Financial will be able to bridge the gap between traditional Finance and bitcoin,” said founder Polychain Capital Olaf Carlson-Wee. “The evolution of Finance has only accelerated during the current global economic crisis, which highlighted the holes in traditional financial systems. Bitcoin can fill in those holes.”
According to Leishman, since January the number of clients has doubled. It is noteworthy that 77% of customers River is the generation of “baby boomers”. Investors older than 55 years seeking protection from inflation due to the monetary policy of the US Federal reserve.
Co-founder and CEO of Lightning Labs Elizabeth stark, who is counsel for the company, said the integration of the River with Lightning Network and said that the company Leishman remains “at the forefront of bitcoin technology.”
Stark drew attention to the fact that many of the major cryptocurrency exchanges are still not implemented SegWit and packaging of bitcoin transactions. These long-known solutions could significantly improve the performance of network bitcoin and user experience.
In January 2020 Jonathan Wilkins, co-founder of Blockstream, joined River Financial as a Director of security.