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River Financial Announces First Funding Round of $ 5.7 Million

June 18, 2020

San Francisco-based Bitcoin financial services company River Financial announced that it raised $ 5.7 million in a new round of seed funding.

In an update released on the company’s website on June 17, River Financial said it received an investment of $ 5.7 million in a launch round led by Polychain Capital. Slow Ventures, Castle Island Ventures, DG Lab Fund, Cygni Capital, Pfeffer Capital, IDEO CoLab Ventures and Steve Lee from Square Crypto also participated as angel investors (godparents).

According to Alex Leishman, founder and CEO of River, The investment will be used to build a financial institution that can bring Bitcoin (BTC) into the world.

River Financial Announces First Funding Round of $ 5.7 MillionRiver Financial Announces First Funding Round of $ 5.7 Million

“The spirit of Bitcoin is deeply embedded in who we are and what we do,” said Leishman. On twitter in response to the announcement.

“Last year, we laid the technical and regulatory foundations for the company. This year we’re building the skyscraper, expanding in the United States, and launching a number of new products that we believe Bitcoin will serve as its business of value and most popular media exchange in the world. “

Old money

The fundraiser is announced after reports that Baby Boomers, born between 1946 and 1964, are responsible for 77% of BTC volume growth in River. The bitcoin broker has stated that its volume has increased “on average 80% from the previous month” since it launched crypto financial services in December 2019.