Rajarshi Mitra
Independent Analyst
- River Financial, a Bitcoin-only crypto brokerage, has raised $5.7 million in a seed funding round led by Polychain Capital.
- The firm had witnessed a rapid growth in its client-base, which is reportedly fueled by crypto investors over the age of 55.
River Financial, a Bitcoin-only crypto brokerage, has recently raised $5.7 million in a seed funding round led by Polychain Capital. The firm had earlier witnessed a rapid growth in its client-base, which was reportedly powered by “baby boomer” investors.
According to Alexander Leishman, the CEO of River Financial, the firm’s volume “has grown an average of 80% month over month" since its launch in December 2019. A recent Bloomberg article noted that the rapid growth in River Financial's client-base had been “fueled” by what the firm calls "Bitcoin Boomers" - new crypto investors over the age of 55. The report also cited a statement by Leishman.
The surging activity we’ve seen since the beginning of 2020 has been in part inspired by the Federal Reserve’s unprecedented monetary intervention.
The report also mentioned that according to River Financial, since March, "Bitcoin Boomers have accounted for 77% of River Financial’s volume growth." The Private Client service offered by River Financial is aimed at multi-generational families, ultra-high-net-worth individuals (UHNWI) and family offices. The perks of this white-glove service include having a designated client advisor and immediate liquidity ("no need to wait for funds to settle, buy up to $10,000,000 of Bitcoin immediately").
This is hugely bullish news for Bitcoin since this report shows that it is no longer confined to young and technologically-savvy people. With a broader range of investors entering the market, Bitcoin is en route to experiencing widespread adoption.
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