Mirror Contracts

About Mirror Contracts

Mirror, which began its journey as Vaurum, represents a significant evolution in the application of blockchain technology to financial markets. Originally founded by Avishai Bhama and Sean Lavine, Vaurum started as a platform to provide high-performance bitcoin exchange software for financial institutions. Bhama, with a background as a fixed-income trader and foreign exchange analyst at Apple, identified a need for more efficient money transfer systems, which led to Vaurum's creation. The company secured $4 million in seed funding from notable investors including Battery Ventures, Tim Draper, and Steve Case, aiming to build out its platform for financial institutions.

The company later rebranded from Vaurum to Mirror, shifting its focus from solely being a Bitcoin exchange to leveraging blockchain for broader financial applications. This strategic pivot was accompanied by an $8.8 million Series A funding round led by Route 66 Ventures. As Mirror, the firm developed a peer-to-peer trading platform that enables individuals and businesses to create and exchange financial contracts directly on the Bitcoin blockchain. This model eliminates the need for a central intermediary, thereby reducing custodial risk and costs associated with traditional financial services. The platform's technology creates a public database to confirm transactions and currencies, aiming to democratize access to financial markets for services like risk management and hedging.

A distinct entity, also named MirrorX, has emerged as an off-exchange settlement solution, a flagship product of Ceffu, which is Binance's institutional custody partner. This MirrorX service allows Binance VIP and Institutional clients to store their digital assets in Ceffu's third-party custody and have them mirrored at a 1:1 ratio to a sub-account on the Binance exchange. This mechanism provides clients with access to Binance's deep liquidity for spot, margin, and derivatives trading while their assets remain secured off-exchange, minimizing counterparty risk. The service features instantaneous asset delegation and automatic off-chain settlement at T+1.