Goldman Sachs announced its interest in blockchain by investing in Veem. The financial giant also acknowledged its support for the blockchain payment service provider that wants to replace the SWIFT model. Besides Goldman Sachs other high caliber investors also seem to believe in the company’s vision.
Goldman Sachs recognizes the potential and the opportunities offered by blockchain technology. While in the past representatives of the banking have publicly expressed their doubts towards cryptocurrencies, the blockchain technology is moving closer to the awareness of the New York company. Goldman Sachs has invested in a blockchain company that wants to shake up the current monetary system with a new payment service.
Veem replacing SWIFT
Veem’s project is no less than a way to “transform the global payment space,” wrote the project on its website. The team is working now a new payment platform that will replace 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 multi-rail payment platform, with a great scalability, high security, and the lowest fees.
Until now, the company managed to collect money only from well-known investors. According to official figures, they closed the last funding session with an amount of $25 million, with Goldman Sachs being on top of the investor list. Other investors are, GV (Google Ventures), Silicon Valley Bank, Extol Capital, Trend Forward Capital, Small Perkins, and Pantera Capital.
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 their data, Veem now has a total of 80,000 companies in 96 countries after the third round.
After the partnership with Goldman Sachs, the company expects even bigger growth.
“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.