The times when financial giants and hi-tech behemoths imposes crypto bans and erected hurdles are over as more and more banks and financial institutions realize that cryptocurrencies and blockchain are a part of our new reality. With that in mind, they are increasingly looking for crypto exposure.
In a latest development, Google and Goldman became investors of enterprise-payments start-up Veem that provide Bitcoin-based payment solutions. Both companies joined the ranks of Veem’s big-name investors like Kleiner Perkins, Silicon Valley Bank, Trend Forward Capital, and Pantera Capital. The startup has already raised $25M during past fund-raising rounds to finance the program of new partner integrations.
Marwan Forzley, Veem’s founder commented:
“What’s important about this round is the acknowledgement of the size of the opportunity, the size of the market, the size of the pain point that we’re solving for. And it’s an endorsement of the growth that we’re experiencing.”
What is Veem?
Veem promises to simplify the process of cross-border money transfers by eliminating intermediary banks. The company’s solution is based on Bitcoin’s blockchain, but users do not have to own digital coins to make payments via Veem. Currently, it has over 80,000 customers in 96 countries and the numbers are growing. Considering the range of investors, Veem can become the first Blockchain startup that will go public, experts believe.
“We’re not a strategic investor. It’s definitely not a strategic thing. It’s an opportunity to create a stand-alone company and in the process make a financial return on a good exit or an IPO down the line,” said GV general partner Karim Faris who also sits on Veem’s board of directors.
Market’s reaction
Cryptocurrency market has been on a recovery track for the past several days, supported by a steady flow of news that prove the idea of institutional adoption. While the price movements remain volatile, the general sentiment is definitely positive, paving way further to the North.
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