Promising to build an infrastructure for Bitcoin from the ground up, Vaurum has got $4 million in seed funding. The latest craze from investors shows that they are still bullish on Bitcoin, a digital currency that is transforming the way financial transactions are being carried out. The major investors were Battery Ventures, Tim Draper, Steve Case and other individuals.
Vaurum claims that it builds high-performance exchange technology and offers secure storage solutions for financial institutions like banks, brokerages, hedge funds, trading firms and FX dealers, etc. The latest investment is expected to boost the company’s finances and it would help it generate further solutions that will suit the specific requirements from clients.
In the announcement, the company has thanked the investors for choosing it at a time when Bitcoin is facing a lot of trouble in China and its value has depreciated to great extent in the last couple of months. At the same time it looks clear that the digital currency is receiving positive vibes from various quarters; for instance, Bloomberg announced it would list Bitcoin prices on its terminals.
The moves from the kinds like Bloomberg help the digital currency to a great extent as many believe it could increase volume and decrease volatility of the cryptocurrency. So far, media has shown that Vaurum is one of more than a dozen startups in the sector to score venture funding during the past year; this money will help it scale its engineering team and build its platform.
Vaurum is White Label Software
The best part associated with Vaurum is that unlike retail exchanges BTC China, itBit Pte. Ltd. and Buttercoin Inc., the companies that have raised venture backing, Vaurum is building white label software. The company says that its software will allow financial institutions to host their own Bitcoin exchanges and provide comprehensive security.
Like Bitcoin itself, Vaurum was founded in 2012 at Palo Alto, California and expected to grow further if steady funds are flowing in. Currently, though Vaurum does not disclose the names of its clients, it says it licenses its technology to broker-dealers, hedge funds and others and has been quite a success in that respect.
Some popular investors have come up with angel funding; for instance, Battery Ventures, which is investing from a $900 million pool of capital, thinks that Vaurum is the entity it should trust when investing in Bitcoin.
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