Goldman Sachs Invests In Blockchain-Based Cross-Border Payments Startup Veem

By Agi Fatou Ndow October 1, 2018 Digital Currency No Comments

U.S.- based banking giant Goldman Sachs has driven a $25 million key subsidizing round for blockchain payment startup Veem, with support also confirmed to Cointelegraph from Silicon Valley Bank on September 27.

Veem, which uses digital ledger technology to build the productivity of private company payments noted in their public statement that the financing round also got cooperation from GV (some time ago Google Ventures), Trend Forward Capital, Extol Capital, Kleiner Perkins, and Pantera Capital, among others investors.

Forbes takes note of that Goldman Sachs contributed through its Principal Strategic Investment Group, and that Rana Yared, a Goldman Sachs managing executives, will sit on Veem’s board as a non-voting observer.

With this most recent funding round, Veem wants to grow new accomplice incorporations, and in addition “rely on increased automation, including built-in anti-money-laundering and know-your-customer compliance,” Forbes reports.

Veem utilizes Bitcoin (BTC) to interface its customers’ banking accounts with providers, preparing the greater part of its exchanges with the digital currency as a substitute for reporters. The blockchain startup beforehand finished up a $26 million Series B financing round in March. As indicated by the official statement, Veem currently serves 80,000 small businesses in 96 nations.

Back in August, Axoni, a venture centered blockchain startup, had brought $32 million up in Series B financing round that had also been driven by Goldman Sachs.

Goldman Sachs had recently reputed to have deserted unsubstantiated plans to begin its very own cryptocurrency exchanging work area, reports that Goldman Sachs’ CFO denied toward the beginning of September:

“When we talked about exploring digital assets […] it was going to be an exploration that would be evolving over time. Maybe someone who was thinking about our activities here got very excited that we would be making markets as principal and physical Bitcoin, and as they got into it they realized part of the evolution, but it’s not here yet.”