- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.