The Lightning Network community got another reason to celebrate this month as the Bitcoin financial institution, River Financial announced the official integration of the off-chain protocol. According to developers, the new upgrade enables Lightning deposits and withdrawals directly from the platform’s wallet. The news showcases further adoption of the Lightning Network, as well as, a push for more traditional financial services related to cryptocurrencies.
The San Francisco-based crypto ecosystem, River Financial has a unique approach to the market. The company seeks to be one of the first firms to provide traditional banking services to crypto investors. Specifically, Bitcoiners. This Bitcoin-centric approach to the market enables the firm to provide clients access to cutting edge Bitcoin technology such as the Lightning Network
Additional Features – River Financial
Along with the integration of the Lightning Network, developers revealed a couple of other cool upgrades the platform received. For one, you can now deposit and withdrawal to any Bitcoin address. Additionally, there are numerous other features to simplify your investment experience such as dollar-cost averaging.
River Financial via Twitter
In a Recent Interview, Alex Leishman, the co-founder, and CEO of River Financial explained his company’s strategy in depth. Leishman described his motivation to build a new financial institution that focuses only on nongovernment-issued money. In the report, Leishman described the hypothesis for his company. Basically, Bitcoin adoption will continue to grow. In turn, providing these investors with traditional financial services creates an infrastructure for further adoption.
River Financial is not like your normal exchange. In fact, company executives have stated that the platform “is not a place to trade bitcoin or altcoins.” Instead, the firm seeks to become a sort of “Charles Schwab” for investors by providing a combination of consumer financial services for individuals and businesses that buy, sell, and use Bitcoin as long-term investors.
Proof of this concept is evident after only a brief review of the company’s products. Currently, the platform offers some unique products such as Bitcoin business accounts. These accounts allow companies to accomplish some really cool stuff. For example, you can pay employees in Bitcoin using an automatic payroll system. On top of these features, developers stated that they plan to offer lending services in the future as well.
As a crypto service provider, the platform needed to ensure that its security was top-notch. Uniquely, the company chose to self-host its servers, rather than utilize large cloud hosting platforms such as Amazon. This strategy mitigates the risks compared to cloud servers because enables the firm to instantly know when there has been a security breach.
River Financial – the Future is Now
River Financial is the perfect example of the ongoing development of a supportive infrastructure for the crypto market. The services provided by this firm are exactly what is needed to further large scale adoption of Bitcoin globally. River Financial is sure to see success as more investors turn towards non-governmental currencies as global uncertainty rises.