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River, a bitcoin financial services firm, offers various services for businesses and individuals, including a zero-fee dollar-cost average brokerage, mining, full-reserve custody, and a wallet supporting both on-chain and off-chain transactions through the Lightning Network. The firm launched River Lightning, an API that helps firms link their applications to the Lightning Network.
This article originally appeared on www.coindesk.com
Billionaire investor Peter Thiel has shown his support for the Bitcoin startup industry by backing River, a digital asset startup, in a $35 million funding round.
Thielâs investment firm, Founders Fund, led the funding round for River, which focuses on creating digital payment services for financial institutions. Other investors joining the round include Polychain Capital and Mithril Capital, marking a strong indication of institutional interest in digital assets.
River CEO Alexander Leishman has stated that the company intends to use the funds to expand its services to cater to a wider range of clients. The company aims to offer better options for those who want to get involved in the digital asset space without the technical knowledge required to maintain their own digital wallets.
The investment by Thielâs Founders Fund is notable as Thiel was an early investor in PayPal, one of the first and most successful digital payment services. In fact, Thiel has been a major player in Silicon Valley investments for decades, funding multiple successful startups like Facebook and Airbnb.
Thiel has long been supportive of digital assets, even stating in a panel discussion at the Economic Club of New York in 2018 that âthere will be one cryptocurrency that will be the equivalent to gold.â Thiel also stated that he was âlong on Bitcoinâ and believed it had the potential for a âmassive transformationâ of the financial industry.
Thielâs investment in River comes at a time when Bitcoin and other cryptocurrencies have experienced a surge in popularity and adoption. Companies like Square and PayPal have begun allowing users to buy, sell, and hold Bitcoin in their digital wallets, further legitimizing the space for everyday users.
Riverâs digital payment services and Thielâs investment could open up new opportunities for investors and institutions looking to get involved in the digital asset space. Additionally, Riverâs expansion plans could make digital assets more accessible to a wider range of individuals and institutions, further driving adoption and growth in the space.
In conclusion, Peter Thielâs backing of River is a strong indication of the potential for further growth and innovation in the digital asset industry. As more established investors and companies get involved in the space, the barriers to entry for individuals and institutions will continue to decrease, ultimately leading to more widespread adoption and acceptance of digital assets as a legitimate financial asset class.
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