Mirror, a peer-to-peer (P2P) trading platform that uses blockchain technology to create financial contracts for its customers, has gained over $8m in a funding round led by Route 66 Ventures.
Formerly known as Vaurum, Mirror gained $8.8m in funding. Other investors included RRE Ventures, Crosslink Capital, Battery Ventures and Tim Draper. The company have now raised $12.8m in total.
The San Francisco-based firm leverage blockchain technology in order to power its prediction platform, giving businesses access to financial markets and risk management. Using the technology which powers bitcoin, Mirror allows its customers to verify transactions in digital currencies.
‘‘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,’’ explained Avish Bhama, co-founder and CEO of Mirror. ‘‘We’re building tools for traditional financial assets, leveraging the Bitcoin protocol.’’
Route 66’s investment enables Pascal Bouvier, a general partner at the firm, to join Mirror’s board of directors.
‘‘We plan to use this new financing to continue to build out our engineering team and scale international operations,’’ continued Bhama.
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