Goldman Sachs invests in blockchain platform Veem

Goldman Sachs has invested in Veem. The bank giant promotes the Blockchain payment service provider who has written nothing less than to attack the SWIFT standard. Other high caliber investors also seem to believe in the company’s vision.

Goldman Sachs is increasingly recognizing the opportunities offered by blockchain technology. Although the banking giant or some of its representatives have in the past anything but positive to Bitcoin and other crypto vouchers. Nevertheless, the underlying blockchain technology is evidently moving closer to the consciousness of the New York company. Because now Goldman Sachs has invested in a blockchain company that wants to shake up the current monetary transactions as a new payment service.

Veem wants to attack SWIFT

Veem’s project is no less than “transforming the global payment space,” the blockchain company writes on its website. They are now working on a new payment platform that will replace the SWIFT system. This is a “40-year-old technology that constantly charges small businesses, loses payments, and lacks transparency.”

To counter these shortcomings, the Veem platform wants to offer a solution:

“Our multi-rail payment platform promises speed, security and fees that are as low as possible. For this we find the optimal way for each payment. “

The company has collected money from well-known investors. According to official figures, they closed the last funding sum with a proud $ 25 million. At the top of the investor list: Bank giant Goldman Sachs. Other investors include: GV (originally Google Ventures), Silicon Valley Bank, Extol Capital, Trend Forward Capital, Small Perkins and Pantera Capital.

Goldman Sachs as an important partner

The company can look back on expansive growth. After the second round of funding, which was completed in March 2017, the company already boasted 18,000 users. After Round A, there were only 590. According to own data, Veem now has a total of 80,000 companies in 96 countries after the third round.

Especially the partnership with Goldman Sachs should provide the company with further growth. So CEO Marwan Forzley said:

“We are pleased that Goldman Sachs led the investor round. This support will help us to increase our footprint, expand our distribution, and enter into other important partnerships. “

image by shutterstock

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