Tim Draper Wins Gov’t Auction, Partners With Mirror to Provide Bitcoin Liquidity in Emerging Markets

Draper intends to put bitcoins to good use

We’re delighted to announce that Tim Draper has won the US Marshals bitcoin auction and is partnering with Mirror to provide bitcoin liquidity in emerging markets.

Tim offered this in a statement:

“Bitcoin frees people from trying to operate in a modern market economy with weak currencies. With the help of Mirror 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.”

Mirror has launched trading platforms in emerging markets, and we will be partnering with Tim to leverage the pool of ~30,000+ bitcoins as a liquidity source. It’s still quite difficult to get access to bitcoin in these developing economies — and that’s exactly where it is needed the most. Our goal is to build reliable infrastructure and increase liquidity, which are two major challenges in the ecosystem.

How the partnership came about:

Mirror was incubated by Boost last summer which is where we met Adam Draper and Tim Draper, who are both early investors in us. Collectively, we’ve been brainstorming to come up with new ways to help grow global bitcoin adoption, and what we came up with is a way to leverage our exchanges and utilize the auctioned pool of bitcoins, as well as market making strategies, to help provide liquidity in these underserved markets.

Many thanks to the United States Marshals Service for their facilitation of the auction. We’re excited about the opportunity to put these coins to good use and are looking forward to working with Tim in such a unique way.

Avish Bhama
CEO | Mirror