Bitcoin startups are catching up with the expectations from venture capitalists. The new entrant to the list is, Mirror, a startup that uses Bitcoin technology to secure financial transactions. The company informs that it has raised $8.8 million in funding round. This shows investors are willing to back companies building businesses working with the virtual currency.
It comes to notice that the funding was led by Route 66 Ventures that includes investors like RRE Ventures, Crosslink Capital, Battery Ventures and Tim Draper. All these investors have been quite open in their support to Bitcoin startups. Tim Draper is the same man who had won the BTCs from Silk Road that were auctioned by the US authorities.
A billionaire venture capitalist, Tim Draper has been a longtime Bitcoin supporter who has openly funded some of the successful startups. Nonetheless, the financing brings Mirror’s total funding to $12.8 million. The company is creating global access to financial markets, with trades settled on a public blockchain ledger.
Nonetheless, Mirror is a prediction platform that democratizes access to financial markets and according to the official from the organization it leverages blockchain technology to allow individuals and businesses create and exchange “smart” financial contracts. Its decentralized, peer-to-peer market enables efficient ways to hedge economic and business risks at a fraction of today’s costs.
Mirror believes that the invention of the blockchain will catalyze dramatic changes in financial services. It is using this innovation to solve problems in ways that have never been possible. Avish Bhama, Mirror’s chief executive officer says that the San Francisco startup plans to use the investment to build out its engineering team and expand international operations.
Venture Capitalists Still Willing to Invest in Bitcoin Startups
The company says that ‘Smart Financial Contracts’ create and exchange contracts with automated trade settlement and zero counterparty risk. Similarly, it is helping customers use their Bitcoin to trade from anywhere around the world; all they need is an internet connection. Thus, every effort is being put to give better experience for customers.
From the this successful funding it appears pretty clear that while public interest in Bitcoin has receded, with the digital currency’s price declining 66 percent in the past year, investors continue to see promise in using the blockchain technology. They believe that it not just simplifies but also lowers the costs of financial transactions.
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