River (company)

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River Financial Inc., branded River, is an American privately-owned company that offers a bitcoin brokerage platform and investment tools for the long-term investor^[1]. River is headquartered in Columbus, Ohio, with additional offices in New York City, New York, and San Francisco, California.^[2]

History and Funding[edit]

2019-2021: Founding and early years

River was founded under the name Alto Financial in 2019 by Alexander Leishman and Andrew Benson, and began operations as a bitcoin-only brokerage firm. In June 2020, River announced a $5.7 million Seed funding round from investors including Polychain Capital, Slow Ventures, and DC Lab Fund, as well as individual investors.^[3]

2021-2023: Series A In March 2021, River announced a $12 million Series A funding round by Goldcrest Capital with participation from Craft Ventures, Polychain Capital, M13, Castle Island, Slow Ventures, and The Kraft Group.^[4]

2023: Series B On May 16, 2023, River announced a $35 million Series B funding round led by Kingsway Capital. Other investors included Peter Thiel, Goldcrest, Cygni, M13, Valor Equity Partners, Esas Ventures, and Alarko Ventures.^[5]

River Lightning Services (RLS)[edit]

In 2022, River announced the offering of an API-based service for payments over the Bitcoin Lightning Network^[6]Lightning Network, which is a payment protocol built on the Bitcoin blockchain intended to enable fast transactions among participating nodes.

El Salvador and the Chivo Wallet[edit]

The government announced that it had set aside $150 million to purchase bitcoin for El Salvador’s national reserves^[7], and would distribute US$30 in bitcoin to people who sign up to use an electronic wallet called Chivo (Salvadorean slang for 'cool'), at a cost of up to $75 million^[8]. River Lightning Services (RLS) has served as the backend provider for the Chivo wallet^[9]

References[edit]

External links[edit]

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