Vaurum Looks To Provide Bitcoin Liquidity In Emerging Markets
Bitcoin start-up Vaurum received media attention recently when Tim Draper announced he would partner with Vaurum. Draper won all 10 of the US Marshal’s auctions for seized Bitcoins from the Silk Road website. Draper offered the following statement:
“Bitcoin frees people from trying to operate in a modern market economy with weak currencies. With the help of Vaurum and this newly purchased Bitcoin, we expect to be able to create new services that can provide liquidity and confidence to markets that have been hamstrung by weak currencies.
Of course, no one is totally secure in holding their own country’s currency. We want to enable people to hold and trade Bitcoin to secure themselves against weakening currencies.”
The roughly 30,000 Bitcoins that Draper acquired will be used to as a liquidity source. The goal is to make it easier for people in emerging countries to buy or sell Bitcoins.
Origins Of Vaurum
Vaurum was incubated by Boost in the summer of 2013. The idea came about by examining ways in which global Bitcoin adoption could be increased and the result was the company Vaurum.
The Vaurum mission is as follows:
A Robust Bitcoin Exchange For Financial Institutions… We enable banks & brokerages to trade, store and offer bitcoin to their customers…
We’re building an infrastructure for Bitcoin from the ground up — we build high-performance exchange technology and offer secure storage solutions for financial institutions. Our clients include banks, brokerages, hedge funds, trading firms and FX dealers.
Vaurum offers three main services which are:
1) Trading – Leveraging their trading engine to enable over the counter (OTC) Bitcoin trading for financial institutions
2) Security – The safest and most secure place to store Bitcoin: 99% of client coins are stored in cold storage. Also offering auditing and insurance protocols.
3) White Labeling – Partnering with leading financial services, enabling them to run their own Bitcoin exchange
Vaurum’s primary services are offering solutions to financial institutions so that they can handle Bitcoin safely.
Vaurum’s Market And Team
Clicking the market tab on the Vaurum website, takes you to BitMe which is a site for buying Bitcoin in bulk over the counter. The Vaurum team appears as follows:
To stay up to date with the developments at Vaurum, check out their blog.