According to the available information, the aforementioned round was led by Route 66 Ventures, a firm which has earlier invested in a number of digital currency startups — including Ripple Labs. The round was further supported by a number of other investors as well, including RRE Ventures, Crosslink Capital, Battery Ventures and Tim Draper. Mirror now stands on a full-fledged $12.8 million, in which $4 million was raised last year under a different brand, Vauram.
“Mirror is building a smart contracts platform that enables peer-to-peer trading, using bitcoin, to democratize access to financial markets,” the company’s press release stated, adding that they want to utilize the Bitcoin’s underlying technology, the blockchain, to create a decentralized platform that creates and exchange financial contracts.
“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’re building tools for traditional financial assets, leveraging the Bitcoin protocol,” said Avish Bhama, co-founder and CEO of Mirror. “We plan to use this new financing to continue to build out our engineering team and scale international operations.”
As a responsible platform, Mirror deeply focuses on developing a range of investor-grade products for the emerging Bitcoin market. The arrival of Wall Street firms and veterans into the digital currency area has further intensified the need for such platforms, an opportunity Mirror won’t like to lose amid growing competition. With this investment, the Palo Alto-based startup has indeed made a certain mark.