The blockchain payment company Veem just announced it has closed a $25 million funding round. The company closed its Series B funding round back in 2017. Veem states that Goldman Sachs and Google Ventures led the new funding round.
The latest round raised by the blockchain payment company Veem included a slew of new and existing investors. Silicon Valley Bank, Extol Capital, Trend Forward Capital, GV (formerly Google Ventures), Pantera Capital, and Kleiner Perkins contributed to the expansion of the company.
Currently, small business owners have to deal with slow and expensive wire transferring systems. Most use SWIFT, which is over 40 years old and forces small businesses to pay high fees.
Veem’s announcement explains:
“Our multi-rail payments platform ensures speed, security, and the lowest possible fees by finding the perfect route for any particular transfer.”
The blockchain payment company was founded back in 2014 and has worked to transform the global payment space. Veem believes that blockchain technology fixes all of these problems and leveraged it from the start.
Veem has expanded into 96 countries and has over 80,000 small businesses.
“We’re thrilled to have Goldman Sachs lead our investment round. This funding will help us expand our footprint, increase our distribution and form new strategic partnerships,” said Marwan Forzley, CEO and Founder of Veem.
Goldman Sachs Leads the Wall Street Blockchain Charge
Goldman Sachs is an American multinational investment bank headquartered in New York City. It is also the first American investment bank to back cryptocurrency and invest in blockchain and cryptocurrency-based start-up companies—which now includes Veem.
There were rumors that the investment bank was pulling its cryptocurrency trading desk. However, two days later Goldman Sachs’ CFO confirmed that the bank hadn’t pulled its crypto trading desk and, in fact, it’s ready to go when needed.
“I was in New York yesterday, and I was co-chairing our risk committee, and I saw the news article,” Marty Chavez, CFO of Goldman Sachs, told Tech Crunch. “It wasn’t like we announced anything or that anything had changed for us… I never thought I’d hear myself actually use this term, but I’d really have to describe that as fake news.”
Circle, the Boston-based cryptocurrency finance company, has just gone live with its stable coin and is also backed by Goldman Sachs.
What will come next for blockchain payment company Veem?
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