Blockchain technology firm Mirror announced Wednesday it has raised $8.8 million in a Series A funding round let by Route 66, with participation from existing investors such as Battery Ventures, Crosslink Capital, RRE Ventures, and Tim Draper. This additional capital brings the total funds the San Francisco-based Mirror has raised to $12.8 million.
Mirror is developing a smart contracts platform that enables peer-to-peer trading, using Bitcoin to democratize access to financial markets. The company is using blockchain technology to allow individuals and businesses to create and exchange financial contracts. The company’s decentralized market facilitates new means to hedge economic and business risks at a fraction of the usual cost.
“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, in a press release. “We plan to use this new financing to continue to build out our engineering team and scale international operations.”