San Francisco-based Bitcoin financial services company River Financial announced it had raised $5.7 million in a new seed funding round.
In an update posted to the company website on June 17, River Financial stated it had received a $5.7 million investment in a seed round led by Polychain Capital. Slow Ventures, Castle Island Ventures, DG Lab Fund, Cygni Capital, Pfeffer Capital, IDEO CoLab Ventures, and Square Crypto’s Steve Lee also participated as angel investors.
According to River founder and CEO Alex Leishman, the investment will be used to build a financial institution capable of bringing Bitcoin (BTC) to the world.
“The Bitcoin ethos is deeply ingrained in who we are and what we do,” Leishman said on Twitter in response to the announcement.
“Last year we were heads down laying the technical and regulatory foundation 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 forward towards its destiny as the most popular store of value and medium exchange in the world.”
The fundraising announcement comes following reports that Baby Boomers—individuals born between 1946 and 1964—are responsible for 77% of the BTC volume growth at River. The Bitcoin broker stated its volume has grown “an average of 80% month over month” since it launched crypto financial services in December 2019.