Smart contracts startup, Mirror has gotten another $8.8 million in funding, bringing total investment to $12.8 million after a $4 million round over one year ago.
The round was led by Route 66 Ventures, with participation from existing investors including RRE Ventures, Crosslink Capital, Battery Ventures and Tim Draper.
Mirror, which rebranded from Vaurum late last year, is looking to create a platform for blockchain-powered smart contracts. According to its website, it is focusing on financial contracts, such as those that hedge against economic and business risks. Also envisioned is peer-to-peer (p2p) trading, the general concept being to bring down the cost and complexity in negotiating financial contracts.
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Avish Bhama, co-founder and CEO, explained his vision and the significance of the funding:
“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. We plan to use this new financing to continue to build out our engineering team and scale international operations.”
As Vaurum last year, the venture started out as a trading service before shifting gears to smart contracts.