Bitcoin-based financial institution River Financial: The number of clients has doubled every month, fueled by BTC Boomers
According to a startup Bitcoin financial services firm River Financial, the average monthly volume increase is 80%, doubling the number of customers per month since January 2020 and recently closed around $ 5.7 million to continue the development of Bitcoin financial services. This is a sign of growth for unregulated stimulus efforts carried out by central banks this year.
Bitcoin investors over 55 make up 77% of volume since March
Alex Leishman, River Financial’s CEO, stated:
“The surging activity we’ve seen since the beginning of 2020 has been in part inspired by the Federal Reserve’s unprecedented monetary intervention. Additionally, Bitcoin is growing in the eyes of legacy investors like Paul Tudor Jones, Dan Tapiero, Raoul Pal, and others. These seasoned macro investors are showing a growing interest in bitcoin as the asset class continues to become legitimized within the mainstream finance community. ”
The report revealed that, since March 2020, 77% of River’s volume comes from what it called “Bitcoin Boomers,” or new cryptocurrency investors over the age of 55. They are all investors over 55 years old. They are investing in cryptocurrency into Bitcoin as a potential anti-inflation barrier due to the Federal Reserve’s stimulating efforts.
Source: Bloomberg
River launched in late 2019 in the hope of creating a financial services company focused entirely on the original cryptocurrency.
Leishman once shared:
“The hypothesis for our company is that bitcoin is going to continue to grow as money and a store of value. We counting building this company around financial services, assuming bitcoin is going to be used as money.”
By narrowing its focus this way, River hopes to provide exceptionally secure infrastructure based on protocol-level tools and cold storage. It has integrated the Lightning Network into its services and wants to promote the integration of hardware wallets to support future non-custodial financial products.
Its recent multimillion-dollar seed round saw contributions from Polychain Capital, Castle Island Ventures, Square Crypto’s Steve Lee, and others in the space. With the capital injection, River hopes to scale its infrastructure, build additional products, work toward offering mobile services, and expand its client reach in the U.S.
The development of finance has only occurred faster after the current global economic crisis, and it has shed light on the loopholes in traditional financial systems likely to be filled by Bitcoin.
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