- River Monetary, a Bitcoin-only crypto brokerage, has raised $5.7 million in a seed funding spherical led by Polychain Capital.
- The agency had witnessed a fast development in its client-base, which is reportedly fueled by crypto traders over the age of 55.
River Monetary, a Bitcoin-only crypto brokerage, has just lately raised $5.7 million in a seed funding spherical led by Polychain Capital. The agency had earlier witnessed a fast development in its client-base, which was reportedly powered by “baby boomer” traders.
In response to Alexander Leishman, the CEO of River Monetary, the agency’s quantity “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 agency calls “Bitcoin Boomers” – new crypto traders over the age of 55. The report additionally cited a press release by Leishman.
The surging exercise we’ve seen because the starting of 2020 has been partially impressed by the Federal Reserve’s unprecedented financial intervention.
The report additionally talked about that in keeping with River Monetary, since March, “Bitcoin Boomers have accounted for 77% of River Monetary’s quantity development.” The Non-public Consumer service supplied by River Monetary is aimed toward multi-generational households, ultra-high-net-worth people (UHNWI) and household places of work. The perks of this white-glove service embody having a delegated consumer advisor and fast liquidity (“no want to attend for funds to settle, purchase as much as $10,000,000 of Bitcoin instantly”).
That is massively bullish information for Bitcoin since this report exhibits that it’s not confined to younger and technologically-savvy folks. With a broader vary of traders coming into the market, Bitcoin is en path to experiencing widespread adoption.