Tim Draper Won the USMS Auction

Tim Draper has won the US Marshals bitcoin auction and is partnering with Vaurum.

“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.” Draper said in a statement.

Vaurum 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.

Vaurum was incubated by Boost last summer. The company offers services such as a high-frequency trading engine that allows for Over-The-Counter bitcoin trading for financial institutions, a cold storage system, and more.