San Francisco-based Bitcoin’s financial services company, River Financial, announced that it had raised $5.7 million in a new round of start-up funding.
In an update posted on the company’s website on June 17, River Financial stated that it had 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 of Square Crypto also participated as angel investors (sponsors).
Bitcoin investors are on the rise even when the price of Bitcoin is below $10,000
According to River’s founder and CEO, Alex Leishman, the investment will be used to build a financial institution capable of bringing Bitcoin (BTC) to the world.
„The spirit of Bitcoin is deeply rooted in who we are and what we do,“ Leishman told Twitter in response to the announcement.
„Last year we were upside down laying the technical and regulatory groundwork for the company. This year we are building the skyscraper, expanding across the United States and launching a number of new products that we believe will help push Bitcoin toward its destination as the world’s most popular media value and exchange store.
77% of Bitcoin volume is generated by the Bitcoin broker’s boomers
The fundraising announcement comes after reports that the Baby Boomers, individuals born between 1946 and 1964, are responsible for 77% of BTC’s volume growth in River. The Bitcoin broker stated that its volume has grown „an average of 80% month over month“ since it launched financial services in crypto in December 2019.