Vaurum, a Palo Alto, CA-based cryptocurrency company focused on building a commercial infrastructure for Bitcoin to better integrate cryptocurrencies into the traditional financial system, raised $4m in seed funding.
Backers included Battery Ventures and angel investors Tim Draper, managing director and co-founder of investment firm Draper Fisher Jurvetson, and Steve Case, former chairman and chief executive of America Online.
The company intends to use the funds to scale its engineering team and further build out its white-label platform for financial institutions.
Co-founded by Avish Bhama, CEO, and Sean Lavine, Vaurum develops bitcoin exchange software, which is currently in use at large financial institutions, including broker-dealers, hedge funds, foreign-exchange dealers, commodity-trading firms and others. The company works with these institutions to “white label” its software, enabling them to run their own exchanges and offer bitcoin trading to their own customers.
Beyond it, Vaurum is also developing tools that leverage cryptocurrency protocols for novel uses.