Mirror, a San Franciso-based startup that apply bitcoin technology to secure financial transactions, has secured $8.8 million in Series A funding showing the investors are still interested in businesses dealing with virtual currency.
The funding round was led by Route 66 Ventures, with existing investors that includes RRE Ventures, Crosslink Capital, Battery Ventures and Tim Draper, a billionaire venture capitalist who has been a supporter for long time. The new fund raised the Mirror’s total funding to $12.8 million, in which $4 million was raised in the previous year under a different brand, Vauram. The valuation of the company has not been disclosed. As one of the terms of the deal, Route 66 venture partner Pascal Bouvier will join the board of directors of Mirror.
“Mirror is building a smart contracts platform that enables peer-to-peer trading, using bitcoin, to democratize access to financial markets,” was stated in the company’s press release, in addition of using blockchain, the bitcoin’s underlying technology, to distribute platform that creates and exchange financial contracts and to create public ledger to verify transactions.
“There is an unbundling of the financial services industry that’s occurring right now, and we see an enormous opportunity to provide advanced, more efficient services for risk management and hedging. We are building tools for traditional financial assets, leveraging the Bitcoin protocol,” said Avish Bhama, co-founder and CEO of Mirror. He also added, “We plan to use this new financing to continue to build out our engineering team and scale international operations.”
As a platform that is committed and responsible, Mirror targets on developing a wide variety of invertor-grade products for encouraging the emerging Bitcoin market. The advent of many Wall Street firm and veterans in the field of digital currency has increased the need and demand for such platforms. Mirror has perfectly made use of the opportunity to avoid getting lost in the crowd of growing competition.
Despite of the decline in the public interest towards bitcoin and digital currency’s price falling 66% in the last year, investors continue to see positive results in using the blockchain technology to make simpler and to reduce the rates of financial transactions.