The San Francisco-based Bitcoin for Boomers startup, River Financial, which is an exclusive financial services company dedicated to long-term Bitcoin traders, has launched a $5.7 million in seed fundraising round, as per the official blog post from June 17.
So, what makes this company stand out from other companies that offer similar Bitcoin buying and selling services? For a start, the vision for Bitcoin for Boomers was sparked by a thought of providing general bank services for people over 55 interested in Bitcoin.
It thus became the brainchild of an aerospace engineer, Alex Leishman, who became increasingly fascinated by Bitcoin, back in 2013, and decided to introduce it to the millions across the globe through a simplified Bitcoin investment platform.
Bitcoin for Boomers: Simplifying high-stakes Bitcoin investment
Founded in 2019, Bitcoin for Boomers thus became a place for easy selling, buying, and managing Bitcoin. With high-quality customer service and specialized access to features like Lightning Network, River Financial provides user-friendly tools for easy tracking, transferring, withdrawals, and deposits for Bitcoin.
As Leishman puts it, the product is a lot like a traditional bank account. But with the fresh capital influx, the firm wants to build an array of other financial services, including joint accounts for married couples, tax-enabled accounts, and interest-bearing accounts, he said.
Referring to the startup as Bitcoin for Boomers, Leishman adds that the concept has been gaining momentum for quite some time now. Most of the startup’s client base involves people from the top net worth category and allows investment up to $250 million. Naturally, such high-stakes venture calls for premium quality wallet security, and Leishman details that the funds are stored in £2000 worth military vault.
In fact, the client base has been growing by as much as 80 percent this year’s January, with 77 percent of the business coming from 55 or older clients. Their primary focus is to buy Bitcoin as a means to diversify their investment portfolio, he explains.
2020 will be about expansion in the US, founder
While the last year was mainly about laying the technical groundwork and seeking regulatory approvals for getting a secure and regulated platform up and running, this year, we will be focussing on expansion across the US. We want to build products around Bitcoin that propel adoption and push its growth as a preferred medium of exchange or store of value.
Thus the seed funding round was piloted by CoinDCX investor Polychain Capital, Castle Island Ventures, and Slow Ventures, among many other institutional and individual investors. The founder of Polychain said in the announcement that River Financial is essentially forming a link between finance and Bitcoin.
It is tactfully combining the safety of a traditional financial structure and diversity of Bitcoin to create a product that appeals to many professional investors. Bitcoin for Boomers is the next-generation financial system that has proven its worth despite the ongoing economic crisis.