Ever since the coronavirus took hold of the global economy, bitcoin appears to have increased its fanbase tenfold each month, and companies like River Financial Inc. are here to prove that.
River Financial Is Making BTC More Mainstream
River Financial Inc. is a startup based in San Francisco, CA. A bitcoin financial services firm, executives have emerged to say that the number of clients it services has doubled each month this year, meaning that more and more people are looking to get their fingers on digital currencies and engage in crypto transactions. In addition, the company is calling its new clients “bitcoin boomers” in that many of them are over the age of 55.
This is interesting considering its been stated by many sources that cryptocurrencies are widely popular amongst younger generations and millennials, while older people in and around the United States are still more prone to engaging in traditional financial services and transactions. This now appears to be changing according to evidence presented by the company.
Through a recent seed-funding round, the company announced that it managed to garner nearly $6 million in investment funds from enterprises such as Polychain Capital, Slow Ventures, and DG Lab Fund. In addition, investors like Steve Lee of Square Crypto and Elizabeth Stark of Lightning Labs also had a hand in contributing to the company’s massive total. River Financial Inc. says that bitcoin purchases and related transactions have increased by more than 80 percent this year alone.
Discussing the relationship with River Financial, Polychain founder Olaf Carlson-Wee explained in a statement:
The evolution of finance is only happening faster in the wake of the current global economic crisis. We see River Financial as bridging the gap between traditional finance and bitcoin.
Alex Leishman – the co-founder and chief executive officer of the company – explained that the increase in BTC activity is partly due to people reacting to new regulation brought on by the Fed regarding asset purchases. He also explained:
The surging activity we’ve seen since the beginning of 2020 has been in part inspired by the Federal Reserve’s unprecedented monetary intervention.
In other words, people are worried about inflation and other economic strife in the United States following the approval of the $2.2 trillion stimulus package ok’d in late March after several people lost their jobs and local governments issued stay-at-home orders for millions of people around the world.
A Growth in Older Customers
River Financial says that about 77 percent of this year’s bitcoin and crypto transactions have come by way of customers over the age of 55. Leishman says that bitcoin has become much more popular and trusted among people of all ages following news that top-of-the-line investors like Paul Tudor Jones have called themselves fans of the world’s number one digital currency by market cap.
At press time, River Financial ignores all other crypto and only deals in BTC.