Blockchain Payment Firm Receives Backing From Top Global Brands
The startup has been lauded for paving the way for bitcoin startup
Google Among Firms Backing Blockchain Startup
Renowned entrepreneur Marwan Forsely shocked many when he decided to sell his firm eBillme to Western Union. The deal enabled the latter to directly link with client’s bank accounts without hitches. Forsely is now back after raising about $25 million to facilitate removing the role of banks during money transfer process.
Veem is a platform that deploys different ways of transferring money. We have the treasury, SWIFT and blockchain. Treasury comes into play when there is a need to move funds between banks with Veem’s regulation. SWIFT is deployed when money has to be transferred across the border. The transfer takes a number of days. Lastly, blockchain transfers are efficient since they only take a matter of seconds.
Veem is international and does not confine jurisdiction regulations. It acts as a link for customer bank accounts by deploying bitcoin. Notably, all parties do not require bitcoin for transactions to go through. The transaction is executed through an algorithm that heavily depends on cryptos.
With Veem in the market, a number of firms have started warming up to its services as a way of spurring growth. Notable firms backing the startup include Google, Goldman Sachs and Silicon Valley Bank among others.
Veem’s Unique Features
These companies are attracted to Veem’s inbuilt stickiness feature. The model has the capability of converting Veem payments recipients into subscribers. Additionally, Veem’s involvement with bitcoin has been viewed as the next big thing. Many view this development as the green light for the establishment of bitcoin-based start-ups.
The company’s growth has been rising with investments standing at $69.3 million. Customers who came on board due to blockchain payment increased by a staggering 13,000% in a span of three years. Veem’s current focus is on having partnerships that will improve customer services.
At the moment, Goldman Sach is the leading investor in the startup. The investment agreement indicates that Goldman's MD Rana Yared will be part of Veem’s board but will not take part in voting. Additionally, Google’s Karim Faris is also a member of the Veem board.
According to Faris, Google’s involvement with the startup is not a strategic move. He maintained that it is a chance to come up with an independent firm. In a bid to have an efficient money transfer system for international clients, Veem launched